Indian drugmaker Nicholas Piramal has signed on the dotted line for one of drug giant Pfizer's UK manufacturing plants for an undisclosed amount.

The group says it expects the purchase of the facility in Morpeth, northeastern England, due to complete on June 19, to lift revenues by around $350 million over the next five years.

The terms of the deal include a supply agreement with Pfizer, which has agreed to buy drugs from the plant until 2011.

The Morpeth deal is the third acquisition for Nicholas Piramal in England, and the latest in a stream of foreign purchases made by key Indian groups in an attempt to increase their global foothold.