Biocon's research services arm Syngene International would set up a new plant at Mangaluru, the erstwhile Mangalore, in its Special Economic Zone (SEZ) to manufacture pharma ingredients and agro chemicals.
"Our subsidiary Syngene International is in the process of acquiring approximately 40 acres of land on leasehold basis in the multi product category in Mangaluru Special Economic Zone Ltd," according to information by Biocon on the bourses.
The company further added " This land would be used for setting up commercial scale facilities to manufacture of novel active pharmaceuticals ingredients, advance ingredients and agro chemical for Syngene's client".
Syngene has also been granted status of co-developer under the SEZ rules, for providing infrastructure facilities to the unit, stated the company note on BSE website.
In its Q3 annual resuts in January this year, the company stated “ Biocon board approves initiation of the process of listing Syngene and appointment of merchant bankers for the purpose. Biocon to offload 10 - 15% from its majority stake via an offer for sale.
In 2012, Biocon had decided not to go ahead with listing of Syngene after selling 7.69 per cent stake for Rs. 125 crore to an arm of GE Capital, citing unfavorable global, economic and political conditions.