Spanish Chemo Group sets up manufacturing facility in Hyderabad
Chemo Group managing director Lucas Segman said the Indian arm of the group, Chemo India Formulation will be investing Rs 400-500 crore in the next four to five years.
“With this new facility, the company has now 15 plants around the world, employing 6,000 people. This is the phase-I.
In Phase-II, the facility will be expanded with an additional investment of Rs 75 to Rs 100 crore,” Segman told reporters in a press conference here.
Managing director of Chemo India Formulations Kumar Kurumaddali said the company will seek the clearance from the Telangana Drug Regulator before seeking an audit from global regulators, such as US Food and Drug Administration.
“This is a 100 per cent export oriented unit. Products that are manufactured here will be catered to global markets,” Kumar said.
The focus markets for Chemo are Western Europe, North America and South America among others, he said.
The company has obtained five acres of land for this unit in 2015. Its construction began in July 2016 and was completed in July this year.