Indian pharmaceutical firm Ranbaxy Laboratories is understood to be close to finalising the sale of its manufacturing facility in Cashel, Co Tipperary.

Bidders for the plant include Indian companies Shasun Chemicals, Granules India and Nicholas Piramal.

It is expected to sell for between $40 million and $50 million (€30 million and €38 million).

Last year Ranbaxy announced it would sell the facility, which manufactures generic tablet formulations, when it decided to consolidate its European drug production at a site in Romania. The Irish plant employs 70 people.

Shasun Chemicals already has manufacturing sites in Scotland and England. The former was previously owned by GlaxoSmithKline, while the latter was owned by Sterling Drug.

Shasun produces generic active pharmaceutical ingredients such as the pain killer ibuprofen.

Granules India also produces generic ingredients, and has three facilities in India.