Gujarat Attracts INR 1,770 Crore Investments from Pharma Giants

In a significant boost to Gujarat's pharmaceutical sector, the state government has successfully inked Memoranda of Understanding (MoUs) with eight major pharmaceutical companies, securing investments totaling approximately INR 1,770 Crore.

This strategic move aims to solidify Gujarat's status as a prominent manufacturing hub for both formulations and bulk drugs.

The impressive list of pharmaceutical companies and their respective investments includes:

1. Micro Life Sciences Private Ltd – A substantial investment of INR 480 Crore for the development of its facility in Vapi.
2. Intas Pharmaceuticals Limited – An estimated investment of INR 250 Crore for the establishment of a manufacturing unit in Valiya, Bharuch.
3. Innoxel Life Sciences Pvt Ltd – A planned investment of INR 220 Crore for the setup of a manufacturing plant in Vaghodia, Vadodara.
4. Meril Life Sciences Private Limited – An approximate investment of INR 220 Crore for the development of a manufacturing plant in Vapi.
5. Meril Healthcare Pvt Ltd – Projected investment of INR 210 Crore for a new plant in Vapi.
6. Halewood Laboratories Pvt Ltd – A facility in Bavla, Ahmedabad, with an investment of around INR 150 Crore.
7. Varenyam Biolife Sciences Pvt Ltd – An investment of INR 120 Crore for a new facility in Savli, Vadodara.
8. Sun Pharmaceutical Industries Ltd – A planned investment of INR 120 Crore for a new plant in Panoli, Bharuch.

In addition to these groundbreaking partnerships, MoUs worth nearly INR 20,000 Crore were signed through the Investor Facilitation Portal (IFP) in anticipation of the upcoming 10th Vibrant Gujarat Global Investor Summit (VGGS)-2024, scheduled from January 11 to 13, 2024.

Excitingly, the state has also captured the interest of foreign companies, including MedTech firms from Japan and the American multinational giant, Procter & Gamble (P&G).

P&G is currently navigating investments totaling around INR 2,000 Crore in its premium psyllium husk-based laxative drug product and an additional INR 200 Crore in its Vicks range of products.

This strategic collaboration underscores Gujarat's commitment to fostering economic growth and innovation in the pharmaceutical sector, further solidifying its position as a preferred destination for pharmaceutical investments.