Lupin proposes to set up a sector-specific special economic zone in Maharashtra to produce API and formulations with an initial investment of Rs 200 crore (Rs 2 billion).
The company is believed to have already put forward its proposal to the Maharashtra government seeking, allotment of land, sources told PTI in Mumbai.
Lupin has initially identified a 100 acre land in Nashik to set up the SEZ. However, if that does not fructify, the company would like to put up the facility on a 250 acre land in Lote Parshuram, near Pune.
Acknowledging the plan, sources at Lupin said the company would like to set up a manufacturing plant inside the SEZ and would not sell space to others.
"We propose to put up a manufacturing plant inside the SEZ, but, in no way, are we going to develop it for the use of others," a source said.
Lupin, a global leader in API and formulations, has plans to initially invest Rs 200 crore, which may go up to anywhere between Rs 400 crore (Rs 4 billion) and Rs 500 crore (Rs 5 billion), sources said.
Setting up a manufacturing plant within the SEZ gives a company a lot of incentives.
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