The Hindu Business Line : Cadila Pharma to open plant in Ethiopia today

Ahmedabad March 12 Cadila Pharmaceuticals Ltd is opening its first overseas manufacturing plant in Ethiopia on Tuesday, on the company's 56th anniversary, and is all set to invest Rs 2,500 crore in the next five years to expand its business globally and nationally, its Chairman, Mr Indravadan A. Modi, said today.

In an interview with Business Line, the 81-year-old pharma business patriarch of Gujarat said here that Cadila Pharma's proposed investment of Rs 2,500 crore includes the special economic zone (SEZ), which is coming up near Ahmedabad with an investment of Rs 1,800 crore.

Mr Modi said the company is also exploring possibilities of mergers and acquisitions and is considering setting up two or three plants in joint ventures abroad.

However, he decline to divulge details at this stage.

The Group, which picked up 50 per cent stake in Apollo Hospitals, Ahmedabad, is, however, not considering extending this arrangement to other Apollo facilities or other hospitals before consolidating its gains, Mr Modi said.

The Cadila plant in Ethiopia is a joint venture with a private enterprise, set up with an investment of Rs 50 crore.

"Within two years, we expect it to generate a revenue of more than Rs 100 crore per annum with an all-finished formulation business.

"We want to be among the first five pharmaceutical companies in Africa in the near future."

Cadila Pharma has so far filed 16 Drug Master Files, and this number would be doubled next year.

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