The Hindu Business Line : Wockhardt to start work at Aurangabad SEZ soon

Mumbai May 18 Having received Government approval recently, drug-maker Wockhardt expects to commence work at its Special Economic Zone (SEZ) in Aurangabad.

The company will put up a sterile injectibles plant at the SEZ, Wockhardt's Chairman, Mr Habil Khorakiwala, told Business Line.

Late last year, Wockhardt had signed a memorandum of understanding with the Maharashtra Industrial Development Corporation to establish the SEZ.

Financial Performance

The company is planning to pump in Rs 300 crore in capacity expansion, he told shareholders at the company's annual general meeting on Friday. Commenting on Wockhardt's financial performance, he said strengthening rupee would not adversely impact the company.

More than 70 per cent of the company's sales come from its international business, and Europe accounts for about 45 per cent of this. In Europe, the products are made and sold locally. Since it is not dollar denominated and only 15 per cent of the business is supplied from India, the impact would be negligible, he indicated.

In the US, the company has been impacted by about 12 per cent over the last few months, but only about 3 per cent in the UK. The company's exposure to the US is limited, though it is supplied from India, he said. The two international markets would balance out the impact, he explained.

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