Centaur Pharmaceuticals, Hinjawadi, Pune
Case study · Plant & Machinery Valuation
Valuing and monitoring pharmaceutical plants across four states
Between 2023 and 2026 one public-sector bank's branches appointed us for valuation and monitoring at a series of pharmaceutical plants — formulation, API and biotech sites in Maharashtra, Goa, Gujarat and Himachal Pradesh — including Centaur Pharmaceuticals at Hinjawadi.
Client
Centaur Pharmaceuticals Pvt. Ltd. (Hinjawadi), among others
Service
Plant & machinery and property valuation with lender monitoring
Sector
Pharmaceuticals — formulations, APIs and biotech
Asset
Nine manufacturing sites, from a single formulation plant to four plants of one manufacturer
Location
Pune, Raigad and Palghar districts (Maharashtra); South Goa; Vadodara and Valsad districts (Gujarat); Solan district (Himachal Pradesh)
Appointed by
Public-sector banks — industrial-finance and commercial branches
Period
October 2023 to May 2026
Scale
Project costs between Rs 50 crore and Rs 180 crore per site
01 · The assignment
What was asked
Pharmaceutical plants are valued for lenders more often than most industrial assets: expansions are frequent, equipment is specialised and regulated, and a plant's value depends on approvals as much as on steel and concrete.
From late 2023 the industrial-finance and commercial branches of a public-sector bank appointed us for a run of such assignments — a formulation plant at Hinjawadi near Pune (Centaur Pharmaceuticals), a plant in Goa's Verna industrial estate, four plants of one manufacturer in Gujarat, and API sites in Raigad district — with a further plant in Baddi, Himachal Pradesh, for another public-sector bank in 2025.
02 · What we did
How the work ran
- 01Asset schedules by production block: clean-room civil works and HVAC, process equipment (granulation, compression, coating, filling lines or reactors and dryers for APIs), utilities and quality-control laboratories, each with make, capacity and year.
- 02Valuation of land and buildings and of plant & machinery by our registered valuers in each class, with the plant's regulatory approvals (state FDA, WHO-GMP or export approvals) recorded because they bear on what the plant can produce and sell.
- 03Where the mandate included monitoring, verification of the expansion against the sanctioned cost and of fund utilisation before disbursements, reported to the appointing branch.
03 · Technical considerations
What mattered for this asset
Clean rooms and HVAC are a large share of a formulation plant's cost and are specific to the layout; they are valued as part of the plant, not as generic building services.
Regulatory status is a value driver: an approved line can be sold or financed as a going concern, an unapproved one is a collection of equipment. Our reports state the approvals seen, not assumed.
Multi-plant manufacturers often share utilities, warehouses and QC between adjacent sites; each site's assets are kept separate so the bank's charge on each is clear.
04 · Outcome
What the record shows
Eight sites were reported between October 2023 and May 2026 for the first bank, and one for the second in December 2025, as recorded in the assignment register we filed in September 2026.
Centaur's Hinjawadi plant appears in our industries gallery with its location; the other sites are shown there by company name only where our profile holds a photograph.
Client: Centaur Pharmaceuticals Pvt. Ltd. (Hinjawadi), among others. Dates and scope are as recorded in our assignment registers; amounts are rounded bands and lender branches are not identified.
Who does the work
Our team for this service
The registered valuers and engineers who work on plant & machinery valuation assignments like this one.
Sharadkumar B. Chalikwar
Chairman & Managing Director
IBBI — Land & BuildingIncome Tax — Land & Building, Plant & MachineryIOV — Land & BuildingIIV — Plant & MachineryPVAI — Land & BuildingChartered Engineer (India) — The Institution of Engineers (India)Fellow — The Institution of Engineers (India)
Manoj B. Chalikwar
Joint Managing Director
IBBI — Land & Building, Plant & MachineryIncome Tax — Land & Building, Plant & MachineryIIV — Land & Building, Plant & MachineryPVAI — Land & BuildingIIV-RVF — Plant & MachineryChartered Engineer (India) — The Institution of Engineers (India)Licensed Structural Engineer — Maharashtra (UDCPR) — Directorate of Town Planning, Government of MaharashtraMember — The Institution of Engineers (India)
Umang A. Patel
Director
IBBI — Land & Building, Plant & MachineryIncome Tax — Land & Building, Plant & MachineryIIV — Land & Building, Plant & MachineryIIV-RVF — Land & Building, Plant & MachineryChartered Engineer (India) — The Institution of Engineers (India)Associate Member — The Institution of Engineers (India)
Avinash Pandey
Regional Head, Thane
IBBI — Plant & MachineryIncome Tax — Plant & MachineryIIV-RVF — Plant & MachineryChartered Engineer (India) — The Institution of Engineers (India)Member — The Institution of Engineers (India)
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