Sun Pharma to invest Rs100 cr in new Sikkim unit

Sun Pharmaceuticals today said it would set up a new plant in tax haven Sikkim and invest Rs 100 crore during the current fiscal.

"We are setting up a new plant in Sikkim that would cost us Rs 50 crore. The total investment proposal by the company is Rs 100 crore for the current financial year," Sun Pharma Chairman and Managing Director Dilip Shanghvi said today at a media briefing.

The first phase of the Sikkim unit was expected to be completed by March 2007 and the second phase of commercial production in 2009. The company has a total of nine units in India and one in North America.

"The Sikkim project will produce tablets and capsules for the domestic market. The unit will have a capacity to produce 300 crore tablets and capsules per annum, which will be 20% increase over existing capacity," Shanghvi said.