Granules India will set up a wholly-owned subsidiary of the company in Hyderabad, Telangana, to build a greenfield facility for formulations business. The Board of Directors of the company has approved to incorporate the subsidiary.
The company had recently announced an investment of Rs 400 crore to set up a manufacturing facility in Hyderabad, with a capacity to manufacture 10 billion units of finished dosages.
The proposed unit will create employment opportunities for around 1,600 people.
The company already has manufacturing sites in eight locations and presence in 75 countries across the globe. It operates the world’s largest commercial Pharmaceutical Formulation Intermediates (PFI) facility at Gagillapur near Hyderabad.