Integrated pharmaceuticals and life sciences company Jubilant Life Sciences Ltd. said it had inaugurated its new Special Economic Zone or SEZ spread over 300 acre in Vilayat Industrial Estate, Bharuch District, Gujarat, at an estimated cost of Rs.500 crore. The SEZ was inaugurated on Friday by Gujarat Chief Minister Narendra Modi.
This is in pursuance of memorandum of understanding or MoU signed by the company with the Government of Gujarat during the "Vibrant Gujarat" Conference in 2007.
The global scale plants of Vitamin B3 and 3-Cyanopyridine at SEZ make Jubilant the largest producer of Vitamin B3 in India and second largest globally, the company said.
The company is also setting up a manufacturing plant at SEZ for Symtet, a crop science ingredient for one of the world's largest and safest low cost insecticide through an environment friendly process. This will make Jubilant the world's largest producer of the crop science ingredient for the insecticide through green route. These facilities will generate exports of around Rs.1,000 crore at full capacity.
Commenting on the development, Chairman and Managing Director Shyam S. Bhartia and Co-Chairman and Managing Director Hari S. Bhartia said, "We are setting up global size world class manufacturing facilities in Gujarat to fulfill our vision of leadership position in chosen areas of business. The facilities are fully integrated, starting from the basic feedstock to environment friendly finished products will also have a positive social and economic impact through building up local capabilities and providing employment opportunities."
At the BSE, Jubilant Life Sciences closed Friday's trading at Rs.179.75, down 3.93 percent from the previous close.
by RTT Staff Writer
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