Dishman to invest Rs 500 cr in two SEZs

Written by Agencies | Mumbai, August 28: | Updated: Aug 28 2008, 23:23pm hrs
Drug maker Dishman Pharmaceuticals on Thursday said it will invest Rs 500 crore in two special economic zones and has completed acquisition of land in this regard.

Total area acquired for its pharmaceutical and chemical SEZ is 390 acres and the land acquisition for its engineering SEZ is on the verge of completion, Dishman Pharmaceuticals said in a filing to the Bombay Stock Exchange.

The company would apply for notification of both the SEZ in next 15-30 days and expects to begin work on both the SEZs by last quarter of this year, Dishman added.

Further, the company said it is venturing into manufacturing and marketing of disinfectant and sensitisation products in India, Saudi Arabia and Australia and expects to reach 100-crore sales in three years from this new division.

"Dishman will make formulated products for hospitals, domestic use and industrial disinfection. In India and Australia, this will be done by the company and its Australian subsidiary where as in Saudi, this will be under a JV called Dishman Arabia Ltd with a Saudi partner," Dishman added.

Meanwhile, the company has said it is building Asia's largest facility to manufacture Cancer drugs and other high potency drugs at its Bavla plant in Gujarat and has invested Rs 50 crore in building this facility.

Reacting to the news, the shares of the company surged 9.68 per cent over its previous close and touched an intra-day high of Rs 324.90. Scrip of the company settled at Rs 308.10,up 4.02 per cent on BSE.