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New Delhi April 20 Pharma company Promed Exports will be setting up a new manufacturing facility at an investment of Rs 60 crore in Nalagra, Himachal Pradesh.

The company expects to fulfil its export ambitions for the US and European markets from this new facility that will have an initial capacity of 90 million units.

Currently exporting pharmaceutical formulations to Russia, CIS and South-East Asian countries, Promed Exports aims to grow ten times in the next three years. "Promed has a vision 2010 to achieve a turnover of $100 million. This facility is in line with that vision and will broaden the commitments of Indian pharmaceutical companies towards the regulated US and European markets," said the company's President, Mr Deepak Bahri, in an official statement.

The plant is to manufacture multi-dose ophthalmic, respiratory solutions, injectables, and nasal and eardrops, among other products.

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