Venky’s sets up a new project worth Rs30cr to manufacture Veterinary Medicine Products; Stock ends 4% up

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Venky’s (India) announced on Monday that the company is launching a new project to manufacture veterinary products in the animal health product segment. For the project, the company has acquired 15030 square meters of land in Satara, Maharashtra.

Venky’s said construction will begin in December 2021 and that the project is expected to be completed by March 2022 and commercial production will begin by June 2022.

This project aims to produce veterinary drug powder (600 tons / year) and veterinary drug liquids (300 kiloliters per year) to meet the growing demand from the poultry industry.

The total cost of the project is estimated at Rs30cr funded from internal provisions.

The proposed facility will be the company’s second facility to meet the latest FDA regulations and is expected to meet export needs as well.

The company already has a plant in Pune (Maharashtra) with a capacity of 600 tons / year and this capacity is used at 70-80%.

On Sensex, Venky ended up at 2690.75 rupees apiece, down 97.55 rupees or 3.8%.