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Granules India Ltd will be setting up a wholly owned subsidiary of the company in Hyderabad to build a green field facility for formulations business.
The board of directors has approved to incorporate the subsidiary, the Bombay Stock Exchange was informed on Monday.
Granules had recently announced an investment of ₹400 crores to set up a manufacturing facility in Hyderabad, a capacity to make 10 billion units of finished dosages. The proposed unit will generate employment to about 1,600 people.
Granules India already have manufacturing sites in eight locations and presence in 75 countries across the globe. The company already operates the world’s largest commercial Pharmaceutical Formulation Intermediates (PFI) Facility at Gagillapur near Hyderabad.
Shares of Granules India Ltd were trading 0.69 per cent higher at ₹373.50 on BSE.
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