JB Chem to set up pharma SEZ in Gujarat
JB Chemicals & Pharmaceuticals will develop and construct a pharmaceutical sector specific Special Economic Zone (SEZ) at Panoli, Gujarat, with an estimated investment on infrastructure of about Rs 115 crore.
By PTI |
MUMBAI: JB Chemicals & Pharmaceuticals will develop and construct a pharmaceutical sector specific Special Economic Zone (SEZ) at Panoli, Gujarat, with an estimated investment on infrastructure of about Rs 115 crore.
JB Chemicals has signed a Memorandum of Understanding (MoU) with the Gujarat Government to this effect during the Vibrant Gujarat Summit held recently, the company informed the Bombay Stock Exchange.
The SEZ construction will be completed during 2009.
"We have a very close relationship and association with Gujarat for many years through our social contributions and existence of several manufacturing units and we are looking forward to this unique SEZ being a tremendous benefit and boost to the economy of Gujarat," JB Chemicals executive director Kamlesh Udani said.
The company plans to set up the said SEZ for manufacturing of pharmaceutical finished formulations, APIs and their intermediates and contract manufacturing with an estimated investment on infrastructure of about Rs 115 crore, it added.
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The SEZ would be spread over 130 hectares. The processing area would house 10-15 industrial units, both Indian and foreign companies from the pharmaceutical sector besides JB Chemical's own units.The industrial units, with a total investment of over Rs 800 crore, would generate direct employment of about 6,000 people and indirect employment of over 15,000 people.
The benefits offered by the Government to the proposed SEZ would give a further boost to JB Chemical's exports significantly, the company said.
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