The Karnataka government has cleared the proposal of Micro Labs Limited to set up an active pharmaceutical ingredient (API) unit near Bengaluru with an investment of ₹476 crore and employ 767 people.
“The company’s proposal was cleared at the 121st SLSWCC recently. The state government allotted the company 20 acres in Harohalli phase 4 industrial area in Ramanagara district,” a senior official of Karnataka Industries and Commerce department said.
Micro Labs also presented its case before the 76th Land Audit Committee held on October 1, and 20 acres land was allotted at Harohalli with incentives and concessions as per the state’s industrial policy.
In its representation to the government, the company said it actively manufactures therapeutic drugs in cardiology, diabetology, ophthalmology, dermatology, pain/analgesics with annual growth of 14 per cent. The company’s drugs are sold in 30 countries and exports pharmaceutical ingredients to more than 40 countries including major markets of Europe, US, Asia Africa and Latin America.
Currently, the company has formulation facilities in Karnataka, Tamil Nadu, Pondicherry, Goa, Sikkim and an R&D lab in Mumbai.
For the domestic market, the company has a marketing structure with 22 divisions customized to deliver to the market with over 6,000 medical representatives covering around 250,000 doctors and 180,000 pharmacies.
The company employs more than 9200 people and its sales turnover for march ended 2020 stood at ₹3,034.65 crore.
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