The Hindu Business Line : JB Chem to set up SEZ in Gujarat

JB Chemicals and Pharmaceuticals Ltd plans to invest Rs 115 crore in a pharmaceutical sector-specific special economic zone. It signed a memorandum of understanding with the Government of Gujarat, for the development and construction of the 325-acre SEZ at Panoli in Gujarat.

JBCPL plans to set up the SEZ to manufacture pharmaceutical finished formulations, Active Pharmaceutical Ingredients and their intermediates, as well as operate service activities related to research and development and contract manufacturing.

Construction of this SEZ is expected to be completed by 2009. "We have had a close relationship and association with Gujarat for many years and we are looking forward to this SEZ being a tremendous benefit and boost to the economy of Gujarat," said Mr Kamlesh Udani, Executive Director, JBCPL.

The processing area of the SEZ will house 10-15 industrial units of both Indian and international companies from the pharmaceutical sector, in addition to JBCPL's own units.

Mr JB Mody, CMD, J B Chemicals & Pharmaceuticals Ltd., said, "We are totally committed to the development of the pharmaceutical industry in our country and particularly Gujarat. India is very much noticed in the international pharma market and the SEZ will help us to be more competitive."

Shares of the company rose 1.65 per cent to close at Rs 101.90 on BSE.

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