GVK Biosciences plans to set up a second Active Pharmaceutical Ingredients (APIs) manufacturing facility in Visakhapatnam. It has an existing plant in Hyderabad with a capacity of 135 kilolitres.
The new facility would have a production capacity of 250 kilolitres. The proposed expansion would require around 100 acres of land and would be completed in 24 months. The company would utilise internal accruals for the project. Along the sidelines of this project, GVK also plans to come up with a formulations plant in Bangalore. Through the API facility, GVK would be catering to its customers across the globe, which includes 35o pharmaceutical and biotech companies worldwide. While the company has discovered three new drug compounds in the past couple of years, around 7 more are already in the pipeline.
The expected investment in the project would be around INR100 crores (US$ 16.6 Billion).