Pharma is next milestone for PI Industries
PI will now use its research capabilities and knowledge of chemistry to focus on two to three high-potential molecules for the Indian market under the in-licensing arrangement
PI Industries Chairman Salil Singhal announced that the company will foray into manufacturing and export of early intermediaries for the pharma industry.
Making a name for itself in the agrochemicals area, PI will now use its research capabilities and knowledge of chemistry to focus on two to three high-potential molecules for the Indian market under the in-licensing arrangement. “We see synergy at the R&D manufacturing and customer end in this area” said the management in its Annual Report. PI is already working with global partners in this area.
Singhal told the shareholders that having invested more than Rs 300 Crore in FY16 to setup two new state-of-the-art manufacturing units are Jambusar and R&D at Udaipur, the company with a 60,000 sqft R&D centre that will house more than 150 research scientists to focus and develop in this area.
Having already developed and commercialized three new molecules during the current year, the product development and research team are working around the clock to meet their strategy of developing two to three new molecules each year, that will lead to sustained growth and healthy margins.
With India on it way to replace China as the most populous country, the role of agrochemicals will be more pivotal in the food industry. Further, with less and less land under cultivation and even lesser being irrigated, it is important that the right agro chemicals be produced to enhance productivity with limited infrastructure.
Source/Compiled from: Business Standard / PTI