DRS Group forays into pharma business

Hyderabad-based DRS Group today said it has made a foray into pharmaceutical business with the launch of its new division, DRS Labs.

The group, which has interests in transportation, logistics, supply chain management, warehousing and education, will inaugurate its first pharmaceutical manufacturing facility at Medchal in Hyderabad tomorrow.

DRS Labs will initially focus on contract manufacturing. It will have a capital of Rs 10 crore, the company said in a statement.

"There is a huge demand in the contract manufacturing space and with Indian drug manufacturing sector gaining international prominence, we felt this was the right time to launch DRS labs," DRS Group Director A K Agarwal said.

 

"The new division will commence its operations with contract manufacturing and we will target Rs 50 crore turnover in the first year," he added.

Its Hyderabad facility is spread over 9 acres of land and with a built-up area of 40,000 sq ft is fully equipped to manufacture over 300 tonnes of tablets, capsules, liquids and ointments per year.

Moreover, the facility will provide direct employment to 200 people and create indirect employment opportunities to over 300 people, it said.