The investment is also aimed to set up a multiproduct facility in Visakhapatnam, India, and to upgrade existing facilities, reports Business Standard.
The multiproduct manufacturing facility is expected to begin commercial production before the year end.
Shasun expects to double its turnover to Rs20bn ($380m) by 2015.
The company’s formulations business under contract research and manufacturing services (Crams) is likely to grow from the current Rs0.8bn ($15m) to Rs4bn ($80m).
The API business is expected to grow from Rs4bn ($80m) to Rs6bn ($ 110m) while the API business for Crams and custom synthesis is anticipated to increase to Rs2.5bn ($50m) from Rs900m ($20m) by the fiscal 2014-15.
Shasun Pharmaceuticals managing director S Abhaya Kumar was quoted by Business Standard as saying that the goal of the company is to double the turnover in next three years and to become a billion dollar company in 2020.