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Serum's biotech SEZ to invest Rs.1, 200 cr.

Serum Institute of India Ltd. (SII), the largest exporter of vaccines and immuno-biologicals, has announced an investment of Rs. 1,200 crore at the inauguration of India's first biotech Special Economic Zone (SEZ) in Pune. The SEZ is located at Hadapsar, adjoining the Serum Institute's existing manufacturing unit and is a sector specific SEZ meant for biotechnology and pharmaceutical products.

"Serum Institute will have five to six units in the SEZ. Development work on the SEZ has already commenced and a few units would also be commencing production in the next three to five months. The project is expected to be completed by 2010,'' said Cyrus Poonawala, Chairman and Managing Director, Serum Institute. SII's investment in the project would be divided in phases. The Phase I investment would be a minimum of Rs. 500 crore and the total investment will build to at least Rs. 1,200 crore. Serum Biopharma Park, as the developers, would raise funds through internal accruals and external borrowings from financial institutions.

The SEZ, which has now been allocated 55 acres of notified land in phase I would, based on availabilities and opportunities, be gradually expanded to 250 acres. SII recorded revenues of Rs 600 crore in 2004-05 and is targeting a turnover of Rs 750 crore this fiscal. About a billion doses of various vaccines are expected to be produced on an annual basis from the SEZ. The new zone would make vaccines for pneumonia, rotovirus and combination vaccines for the entire range of meningitis, influenza and Hib. Oncological products for the U.S. and EU markets are also expected to be made at the facility. The premises have already been prequalified by the World Health Organization.

Using the expertise of the Poonawala Group, SII will be offering partnership and relationship to other interested parties to put up laboratories and manufacturing units. On commercial consideration, the group may lease factories for others to function.

(www.hindu.com)

 
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