"We will start work first on the Dahej unit, which will begin in a month or two's time. After that work on the Savli unit will begin. We are currently working on the detailed engineering report. The units will be operational by 2014-15", said Arvind Agrawal, chief financial officer, Ajanta Pharma.
The Mumbai-based company is planning to invest Rs 400 crore in setting up two manufacturing units, one at the Dahej special economic zone, and the other at the Savli Industrial estate near Vadodara. "We plan to export to regulated markets from the Dahej unit, while the Savli facility would cater to the domestic markets", Agrawal said adding that the company decided to come to Gujarat attracted by the conducive business climate here in the state.
Ajanta Pharma at present operates five manufacturing sites, four within India and one in Mauritius.
The company's Paithan unit in approved by the US Food and Drugs Administration (USFDA), UK's drug regulator as well as health authorities in Brazil and Colombia.
Ajanta is currently present in therapeutic areas of anti- malarial, cardiology, dermatology, gastroenterology, musculoskeletal, ophthalmology and respiratory.
Exports contribute to around 60 per cent of the company's revenues, from emerging markets of Middle East, Africa and Latin America, Ajanta Pharma's annual report for 2011-12 said.
"We have two ANDA approvals from USFDA with another seven awaiting approval. Our first product will be launched in the US market in first quarter of next financial year", the report added.
According to the Bombay Stock Exchange, Ajanta Pharma touched a revenue of Rs 604.27 crore in 2011-12 and net profits of Rs 66.49 crore. It plans to fund the Gujarat projects partly from internal accruals and partly from debt. "We are yet to decide on the quantum of debt to be raised", Agrawal said.
Ajanta Pharma has received the necessary approvals for its proposed plants in Gujarat, informed H G Koshia, commissioner, Gujarat Food and Drugs Control Administration.