AHMEDABAD (Reuters) - Generic drug maker Torrent Pharmaceuticals Ltd. plans to set up a capsule and tablets plant in Sikkim by 2010, at a cost of 700 million rupees, a senior group official said on Tuesday.
The company, which has a manufacturing unit at Baddi in Himachal Pradesh, is now planning the Sikkim unit to take advantage of a 20-year tax holiday there, he said.
"We are still considering on how much capacity the plant should have. We want to balance our production between Baddi and Sikkim," Ruchir Modi, Head of Strategic Marketing, Torrent Group told Reuters.
Torrent is investing on introducing wellness products, chronic illness drugs and is planning to enter dermatology segment in next two years.
The company, which recently pulled out of an over-$6 billion bid for Merck KGaA's generics business, is keen to acquire loss-making pharmaceutical firms overseas and is bidding for a generic drug maker in the U.S., Modi said.
He declined to give details of the bid.
"We are bidding heavily to acquire companies abroad and are eager to invest about 100 million dollar for the acquisitions," Modi said. It has several teams scouting for opportunities in U.S., Europe and South America.
"Some of them are close to cracking a deal. Our bids are on," he said.
The company, which has a manufacturing unit at Baddi in Himachal Pradesh, is now planning the Sikkim unit to take advantage of a 20-year tax holiday there, he said.
"We are still considering on how much capacity the plant should have. We want to balance our production between Baddi and Sikkim," Ruchir Modi, Head of Strategic Marketing, Torrent Group told Reuters.
Torrent is investing on introducing wellness products, chronic illness drugs and is planning to enter dermatology segment in next two years.
The company, which recently pulled out of an over-$6 billion bid for Merck KGaA's generics business, is keen to acquire loss-making pharmaceutical firms overseas and is bidding for a generic drug maker in the U.S., Modi said.
He declined to give details of the bid.
"We are bidding heavily to acquire companies abroad and are eager to invest about 100 million dollar for the acquisitions," Modi said. It has several teams scouting for opportunities in U.S., Europe and South America.
"Some of them are close to cracking a deal. Our bids are on," he said.
