Syngene International, contract research arm of biotechnology major Biocon is planning to set up a new manufacturing plant in Mangalore with an investment of about USD 100 million (over Rs 660 crore). "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," Syngene International said in a statement on BSE. The estimated expenditure for setting up the facility is USD 100 million, it added.
"We will intimate the exchanges with appropriate details in the first half of 2016 after completing the detailed engineering for the proposed project," the company said. Incorporated in 1993, Syngene offers discovery and development services for novel molecular entities (NMEs) across industrial sectors including pharmaceutical, biotechnology, agrochemicals, consumer health, animal health, cosmetic and nutrition. Shares of the company today closed at Rs 328 ascrip on BSE, up 0.66 percent.
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