Eyeing a huge opportunity in contract manufacturing space, city-based DRS Group enters the pharmaceutical business with the launch Friday of a new division and a state-of-the-art facility at Medchal near here.
The new division, DRS Labs, commences its operations with a capital of Rs.10 crore and is targeting a Rs.50 crore turnover in the first year, said a company statement.
"There is a huge demand in the contract manufacturing space and with Indian drug manufacturing sector gaining international prominence, we felt this was the right time to launch DRS Labs," said DRS Group Director A.K. Agarwal.
On receiving all statutory clearances, DRS Labs will also acquire licences of certain OTC (over the counter) drugs which will be manufactured at the new facility.
The DRS group has interests in logistics, supply chain management, warehousing and education. It has an annual turnover of over Rs 500 crore.