Granules India invests $ 35 million in US subsidiary
DSIJ Intelligence / 26 May 2017
Granules India Limited, an Indian pharmaceutical manufacturing company, reported an investment of Rs 220 crore ($ 35 million) in the US. The purpose of the investment is to enlarge the operations of its wholly-owned subsidiary Granules Pharmaceuticals Inc, in the US.
Granules India Limited, an Indian pharmaceutical manufacturing company, reported an investment of Rs 220 crore ($ 35 million) in the US. The purpose of the investment is to enlarge the operations of its wholly-owned subsidiary Granules Pharmaceuticals Inc, in the US.
Research and development is conducted by the company in order to formulate the products. At present, the subsidiary is 100,000-square foot facility in the Chantilly area of Fairfax county. After the investment, the subsidiary's manufacturing capacity as well as research and development will be enhanced.
This expansion will lead to creation of around 100 jobs and the workforce will be a mix of Americans and Indians.
The company manufactures active pharmaceutical ingredients, pharmaceutical formulation intermediates and finished dosages. It plans to expand its global presence in the US with a firm base and operations.
The company entered US with an investment of $15 million in 2014. The company acquired 12.5 per cent stake in the US subsidiary in 2016.
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