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news.DRS Group, a Hyderabad, India-based company, which has diverse business interests in transportation, packing and moving, shipping, air cargo, parcel, logistics and education, has forayed into pharmaceutical business with the launch of a new division DRS Labs.
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Eyeing a huge opportunity in contract manufacturing space, the new division, DRS Labs, will begin operations with an initial capital of INR100m.
After receiving all statutory clearances, DRS Labs is also planning to acquire licences of certain over the counter drugs to manufactur at the new facility.
Reportedly, the manufacturing facility is fully equipped to manufacture over 300 tonnes of tablets, capsules, liquids and ointments. DRS Group is targeting a INR500m turnover in the first year.
AK Agarwal, director of DRS Group, said: “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.”