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Lupin seeks more time to complete project in Indore SEZ

Friday, 19 Apr 2019
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Lupin, a multinational pharmaceutical company, has sought more time from the Commerce Ministry to complete its project in the Indore Special Economic Zone (SEZ).

The company is setting up a pharma unit in the SEZ at a proposed investment of Rs 205.69 crore.

The unit will manufacture pharmaceutical formulations -- metered dose inhalers and dry powder inhalers.

The request for extension of time will be considered by the Board of Approval (BoA) of SEZs in its meeting to be held on 22 April 2019.

The company has sought extension of letter of permission (LoP) beyond 11 April 2019 for one year up to 11 April 2020.

The company received the LoP on 12 April 2016. It has already received two extensions, valid till 11 April 2019.

The Development Commissioner (DC) of Indore SEZ has recommended the company's request to BoA as the unit has made expenditure of Rs 43.11 crore till 28 March 2019. Moreover, construction activities are in full swing and  expected to be completed by November 2019.

The unit has committed to commence production before March 2020.

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