2 company codes instead of 2 plants

We are going to start new implementation of SAP.The current scenario is they have 2 manufacturing facilities in same region(india).Issue is they want create seperate company code for each manufacturing unit to get seperate balance sheet.

1.What will be the additional configurations (in MM point of view)that has to be done for 2 compancy codes instead of having one compnay code and 2 plants

2. What will be the ideal solution to the above scenario.