Mankind Pharma to set up two units in Sikkim

Ruchika M. Khanna

Tribune News Service

Chandigarh, October 9

Mankind Pharma, which has 14 manufacturing facilities in Himachal Pradesh, is making new investments in the tax-exempt north-eastern hill state of Sikkim. The company proposes to set up two manufacturing facilities in Sikkim by January 2016.

With the commissioning of these units, the company will ensure that 90% of its total production is in house and its reliance on vendors decreases. The company is initially investing Rs 100 crore to establish these two units. Sheetal Arora, MD, Mankind Pharma, said as of now some of the major brands of medicines and other pharmaceuticals manufactured by them were outsourced to pharma vendors.

“As we grow in size, we want to ensure that maximum production is in house. Thus, the two new units are being set up. Though we have 14 manufacturing facilities in Himachal Pradesh, but as the tax holiday in Himachal has now ended, we have decided to set up the new units in Sikkim, which still has a tax holiday,” he said.

The company has four of its own units in Paonta Sahib in Himachal Pradesh and gets contract manufacturing done from 10 other units there.

The company’s annual turnover in 2014-15 was Rs 3,400 crore with a 21% year-on-year growth. “This year, the turnover is expected to be Rs 4,200 crore, a jump of almost 24%,” Arora said.