Wockhardt partners with MIDC to develop SEZ

New Delhi, Sep 18: Wockhardt Ltd today announced partnership with Maharashtra Industrial Development Corporation (MIDC) to establish a special economic zone (SEZ) in Aurangabad spread over 107 hectares of land.

As per the agreement, the Wockhardt Group will establish a pharmaceutical and biopharmaceutical manufacturing and research facility on the land leased by MIDC at Shendra. It will provide employment to an estimated 2000 people.

A memorandum of understanding (MoU) was signed by MIDC Chief Executive Officer Rajiv Jalota and Executive Director Huzaifa Khorakiwala in the presence of Maharashtra Chief Minister Vilasrao Deshmukh and other senior ministers and top officials from the state government.

''This SEZ will provide the base for a new thrust in international markets that will drive Wockhardts growth in the coming years. It will make Aurangabad a major hub for pharmaceutical and biotechnology industries,'' company's Chairman Habil Khorakiwala said.

The SEZ will house manufacturing facilities for active pharmaceutical ingredients, biopharmaceuticals, research and development centre, effluent treatment plant, a corporate office, warehouse and a residential and recreational complex.

The company currently has 10 manufacturing facilities, including one in the UK, most of them certified by international regulatory bodies like the US FDA. The proposed plants at the SEZ will also be built for international regulatory compliance.

Over half of Wockhardt's sales now come from Europe and the US, but India continues to be the group's manufacturing and research base. Further investment in biotechnology at the proposed SEZ is expected to accelerate the company's expanding global reach. The company is a technology-driven pharmaceutical and biotechnology company with an active multi-disciplinary research programme employing 400 scientists. Its new drug discovery programme has yielded several promising new molecules, one of which is now in Phase II human clinical trials. It has a market capitalisation of over 1 billion dollars.

UNI