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Pharmaceutical firm, Lupin, is setting up a new manufacturing plant at the MIHAN special economic zone (SEZ) in Nagpur, entailing an investment of Rs 400 crore over a period of five years.

The new formulation manufacturing facility at the Multi modal International Cargo Hub and Airport (MHIAN) SEZ will take close to a year to be operational, the company said in a statement.

While the company did not specify the investments to be made in the new facility, sources said it will be "around Rs 400 crore in a phased manner over a period of five years".

The company today held the ground breaking ceremony of the plant.

Commenting on the development, Lupin Ltd Group President and Executive Director, Mr Nilesh Gupta, said: "The strategic investment in the new formulation facility at MIHAN is not only in keeping with the consistent growth that Lupin has witnessed across key markets like US, but it would also ensure that our manufacturing capacities are attuned to future demand."

The company will be using the Nagpur facility to export formulations to developed markets like US, Europe, Japan and along with some key emerging markets. Lupin operates 11 facilities across India and Japan. It has been investing about $ 100 million on capital expenditure each fiscal for the last three years.

Shares of the company were trading at Rs 538.55 per share in the late afternoon trade on the BSE, down 1.81 per cent from the previous close.

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