Pfizer to close its Navi Mumbai plant

Company's decision to close the plant is based on an assessment of its long term viability and its ability to achieve the needed production

Drug firm Pfizer is planning to close its Navi Mumbai plant from September 16, 2015.

In a filing to BSE, Pfizer Ltd said that "the company has intimated the concerned authorities that it intends to effect closure of its plant situated at Thane Belapur Road,... Navi Mumbai with effect from September 16, 2015".

The decision to close the plant is based on an assessment of its long term viability and its ability to achieve the needed production, it added.

Stating that the closure will not have any effect on the availability of drugs, Pfizer said, "There has practically been no production activity at this plant since 2013, and the closure will not impact the supply of any of the company's medicines to patients."

Shares of Pfizer Ltd were today trading at Rs 2,114.50 per scrip in the afternoon trade on BSE, up 0.18 per cent from its previous close.