New Delhi: Drug major Ranbaxy Laboratories Thursday said it has received approval from Malaysian authorities to set up its second manufacturing plant in the country at an investment of USD 40 million (around Rs 220 crore).
Ranbaxy Malaysia Sdn Bhd, a subsidiary of Ranbaxy Laboratories, received approval for setting up a greenfield manufacturing facility in Malaysia as an EPP (Entry Point Project), the company said in a statement.
"Ranbaxy will be investing around RM 125 Million (USD 40 million) in this project that will provide employment to over 200 people," it added.
The new facility will manufacture dosage forms, including tablets and capsules, primarily in the cardiovascular, anti-diabetic, anti-infective and gastrointestinal segments.
"Ranbaxy's total output in Malaysia will be increased from one billion doses per annum to three billion doses per annum when the new facility is fully operational," it added.
RMSB manufacturing facility in Sungai Petani, Kedah, Malaysia, was commissioned in 1987. RMSB employs over 300 people in Malaysia.
"...In addition to serving the local market, the facility will also export products to markets like ASEAN, Middle East, Europe, Sri Lanka, China and other select countries," Ranbaxy CEO and Managing Director Arun Sawhney said.
Shares of Ranbaxy Laboratories Thursday closed at Rs 550.20 apiece on the BSE, down 2.01 percent from its previous close.