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Panacea Biotec's investment plan

Special Correspondent

Plans vaccine formulation plant at Baddi in Himachal Pradesh

NEW DELHI: Panacea Biotec Ltd (PBL) on Wednesday announced a Rs. 60 crore investment plan envisaging setting up of a new vaccine plant in Himachal Pradesh and expanding its research and development facility in Mumbai. "We are investing Rs. 40 crore on a new vaccine formulation plant at Baddi in Himachal Pradesh, which will be up and running by April 2007," PBL Joint Managing Director, Rajesh Jain, told media persons on the occasion of inking of a tie-up with Nederlands Vaccin Instituut, which would supply bulk inactivated Polio Vaccines (IPV) for production of finished IPV and IPV based combination vaccines.

The new plant would manufacture injectible, oral and freeze dried vaccines and would have a capacity of 800 million doses annually on a single shift, he said, adding that the construction of the new plant was now midway through.

Mr. Jain said the company would be investing Rs. 20 crore in expanding its research and development centre in Mumbai.

"The funding for these investments will be through the $100 million FCCB that we raised recently," he said.

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