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Home / Business / Wockhardt shuts its Illinois plant, rejigs business plan for US Market

Wockhardt shuts its Illinois plant, rejigs business plan for US Market

The Mumbai-based company has engaged multiple USFDA approved manufacturing partners to manufacture various products for sale in North America
The company is relieving all its staff who were directly engaged by its US subsidiary in its plant in connection with the manufacturing process in a phased manner.
The company is relieving all its staff who were directly engaged by its US subsidiary in its plant in connection with the manufacturing process in a phased manner.
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PTI   |   New Delhi   |   Published 21.08.22, 01:14 AM

Drug firm Wockhardt on Saturday said it has tied up with various partners to roll out products in the US market with its Illinois-based manufacturing plant all set to relieve all workers in a phased manner as part of business restructuring in the US market.

The Mumbai-based company said it has engaged multiple USFDA approved manufacturing partners in the US market, after thorough due diligence and inspection of their facilities, to manufacture various products for sale in the US/ North America.

“The company is relieving all its staff who were directly engaged by our US subsidiary in its plant in connection with the manufacturing process in a phased manner and in full compliance with the applicable local laws,” Wockhardt Ltd said in a regulatory filing.

This arrangement will help avoid the manufacturing and quality management cost resulting in significant savings in operating and overhead costs while allowing the management to focus on expanding the market share of its products, it added.

PTI

GMR group to incubate start-ups

Infrastructure company GMR Group on Saturday said it has set up a centre of excellence to incubate start-ups in the blockchain space.

The Centre of Excellence is part of the expansion plan of the group’s innovation arm GMR Innovex.

GMR Innovex signed a memorandum of understanding with Idealabs, Polygon, Koinearth, India Blockchain Forum and Veroince to explore opportunities, identify blockchain technology-related use cases for airports and ancillary business, the company said in a statement.

PTI



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