Pharmaceuticals firm Hetero on Monday said it has acquired the manufacturing plant of Johnson & Johnson at Penjerla in Telangana and will invest additional Rs 600 crore on its upgradation.
According to sources, the company has acquired the plant for Rs 130 crore.
The facility is spread across 55.27 acres and will be Hetero's flagship sterile pharmaceutical and biologics manufacturing unit and will generate 2,000 new jobs, the company said in a statement.
"We are committed to an investment upwards of USD 75 million, (approximately Rs 600 crore) to upgrade and enhance existing facilities at the site and expand manufacturing of our global biologics and sterile pharmaceutical products," Hetero Managing Director Vamsi Krishna Bandi said.
Hetero said the brownfield manufacturing facility together with land, plant and machinery has been acquired from Johnson & Johnson Pvt Ltd in a slump sale without disclosing the financial details. PwC acted as the exclusive financial advisor to the company, the statement said.
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