Syngene International, the subsidiary of Biocon engaged in contract research, is reportedly planning to spend $ 100 million (about Rs 664 crore) for setting up a new manufacturing plant at Mangalore SEZ, Karnataka. The company said that it is in process of acquiring 40 acres land for the facility and anticipates to complete the detailed engineering for the proposed project in the first half of 2016.
Confirming this in a BSE filing on August 31, 2015, Syngene said, “The company is planning to set up a new manufacturing facility at Mangalore SEZ and is in the process of acquiring 40 acres of land and obtaining necessary approvals. The estimated expenditure for setting up the facility is $ 100 million and is contingent of various factors. We will intimate the exchanges with appropriate details in the 1st half of 2016 after completing the detailed engineering for the proposed project."
The expansion announcement follows Syngene International’s successful listing on BSE & NSE on August 11, 2015.
Syngene is one of the leading custom research and manufacturing organisations, offering a suite of integrated, end-to-end discovery and development services for novel molecular entities across industrial sectors including pharmaceutical, biotechnology, agrochemicals, consumer health, animal health, cosmetic and nutrition companies.