Kilitch Drugs to set-up 2nd manufacturing facility in Ethiopia
In infrastructure, greenfield projects means those projects where there is no need to remodel or demolish an existing structure.
"Kilitch Drugs, is setting up its second greenfield project in Ethiopia to manufacture liquid injectables and at a capital investment of USD 5 million," the company said in a regulatory filing.
Meanwhile, the company's first manufacturing plant at Addis Ababa has also reached a decisive stage of the completion process, the filing added.
The firm has begun installing machinery at the plant and is scheduled to commence the validation process this month, it noted.
"We are happy to announce our second manufacturing venture in Ethiopia as also for the maiden unit which is now at a very critical stage of our project implementation cycle," Kilitch Drugs Whole time Director Bhavin Mehta said.
Once the validation process is satisfactorily done, Kilitch Drugs plans to commence operations at the first unit in the first quarter of FY 2020-21, Mehta added.
Shares of Kilitch Drugs were trading at Rs 115 per scrip on BSE, down 0.78 per cent from its previous close. AKT DRR