Lupin to set up new formulations manufacturing plant

Moneycontrol Bureau

Drug maker Lupin is setting up a new formulations manufacturing facility at the special economic zone, Mihan in Nagpur.

The greenfield plant will take close to a year to being set up, Lupin said. It didn't disclose the capex it will incur to set up the plant.

Lupin currently has 11 manufacturing facilities spread across India and Japan.

"The strategic investment in the new formulation facility at Nagpur is not only in keeping with the consistent growth that Lupin has witnessed across key markets like the US, but it would also ensure that our manufacturing capacities are attuned to future demand," Nilesh Gupta, group president and ED of the Mumbai-based company said.

Lupin shares closed down 1.7 percent at Rs 539.40 on NSE on Tuesday.