Bullish over its proposed foray into the regulated markets, the Rs 130-crore MSN group of companies, engaged in bulk actives and formulations, has decided to set up an R&D centre for generic products development with an investment of Rs 30 crore at Pashamylaram, near Hyderabad.
The company has acquired land from the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to an extent of five acres. The centre, to be set up in a phased manner, is expected to by operational by end of 2008. Besides, the company is planning to raise $10 million through private placement to part-finance its expansion plans.
According to informed sources, the company is already in negotiations with lead domestic PE players and the talks are expected to materialised by next quarter. The proposed R&D centre is the second centre which would also be used for contract research and collaborative research.