20-yr tax holiday attracts pharma company to Sikkim

GANGTOK, Sept 4 – Torrent Pharmaceuticals Ltd plans to set up a capsule and tablets plant in Sikkim by 2010 at a cost of Rs 700 million. According to sources, 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 in Sikkim.Torrent Pharma, with an annual turnover of Rs 1,300 crore, is the flagship company of Rs 4,000 crore Torrent Group. With many of its products ranking among the top 200 brands, Torrent continues to be at the forefront of the Indian pharmaceutical industry through research, innovation and breakthrough discoveries in the therapeutic areas of diabetology, cardiovascular, central nervous system, gastro-intestinal, anti-infective and pain management. Its research centre employs over 620 scientists in the areas of drug discovery and development. Currently, Torrent has seven discovery projects in pipeline. It has filed 231 patents for NCEs in all major markets worldwide, of which 129 patents have been granted so far.Torrent is investing on introducing wellness products, chronic illness drugs and is planning to enter dermatology segment in next two years.