The Hindu Business Line : Biocon looks to Rs 650-cr SEZ for tax relief

BIOCON on Wednesday said that it is banking on its Rs 650-crore SEZ to give it some tax relief. A higher tax outgo during the recent July-September quarter was a factor that it blamed for its 29 per cent lower profit.

The SEZ, which was approved recently, is being readied for operations, CMD, Ms Kiran Mazumdar-Shaw, and Mr Murali Krishnan, President Finance, said during a media briefing.

Some 50 acres of the 90-acre SEZ, called Biocon Park, have been developed in Phase 1 at Bommasandra industrial estate.

The park already houses R&D arm Syngene International. The Cuban joint venture Biocon Biopharmaceuticals, which is developing anti-cancer therapeutics based on antibodies, will move in by March.

This SEZ is one of the first private corporate biotech SEZs, and will enjoy full tax breaks for the next five years, and 50 per cent benefit of that for the subsequent five years.

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