Plethico Pharma to invest up to 1 bln rupees in new plant

Drug maker Plethico Pharmaceuticals Ltd plans to invest 800 million to 1 billion rupees to set up a unit in Dubai to make drugs, medicated lozenges and confectionery, an official said on Tuesday.

The plant, expected to be operational by mid-2009 or latest by 2010, is expected to rake in 1.50 billion to 1.80 billion rupees in its first year of operations, Chief Financial Officer Sanjay Pai told Reuters over telephone.

"This will help us to cater to the increasing demand from high volume emerging markets such as Russia and CIS countries," Pai said. The plant would give Plethico the advantages of "proximity to markets and a zero tax regime".