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Gujarat based companies propose big ticket investments worth Rs.8,223 crore through 273 MoUs
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Shardul Nautiyal, Mumbai
January 21 , 2019
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As part of the 9th Vibrant Gujarat (VG) Summit-2019 being held from 18
to 22 this month, the Gujarat based companies have proposed big ticket
investments worth Rs.8,223 crore through 273 MoUs. It will also translate into total direct employment to an estimated 18,915 people.
There are around 32 big ticket MoUs until now at the 9th VG Summit with the proposed investment of Rs.6,531
crore and employment to 10,630 people. Ahmedabad based CRRI Holding Inc
which is into regenerative medicine has proposed an investment of Rs.3,500 crore. This will generate proposed employment of 2.700 people.
There was an investment of Rs.2,558 crore in VG Summit 2015 and an investment of Rs.2,438.51 crore in VG Summit 2017.
VG
Summit was conceptualized in 2003 by the then Chief Minister of Gujarat
Narendra Modi to re-establish Gujarat as a preferred investment
destination within India. This comes at a time when Gujarat government
is also awaiting a favourable policy on bulk drugs and medical devices
as the Centre is mulling over to frame an exclusive policy on the same.
Today,
the summit has evolved into a platform for brainstorming on agendas of
global socio-economic development, in addition to being a facilitator
for knowledge sharing and forging effective partnerships. The 8th
Vibrant Gujarat Global Summit, held in January 2017, witnessed
participation from 25,000 plus delegates from 100 plus countries.
The
investments are a welcome development as the state has witnessed a
surge in interest from both foreign and domestic big players in
commissioning plants of APIs, formulations and medical devices since
July 2015 after the introduction of goods and services tax (GST).
In
a major boost to the domestic pharmaceutical industry, the Gujarat Food
and Drug Control Administration (FDCA) have also approved layout
designs for over 185 companies. This includes pharmaceutical companies
which had to shut down their production facilities in the northern part
of the country in the event of expiry of tax holidays granted during
2001-02.
While US based Amneal Pharmaceutical Pvt Ltd has proposed an investment of Rs.300 crore, Gujarat based MNC Alembic which is one of the oldest companies has also proposed an investment of Rs.300 crore.
Pune based Emcure Pharmaceuticals which has got plant design approvals for its facility at Sanand has proposed to invest Rs.175 crore and Dishman Carbogen Amcis Ltd has proposed to invest Rs.150 crore. Elysium Pharmaceuticals Ltd has proposed an investment of Rs.150 crore with Corona Remedies Pvt Ltd, Ami Lifesciences Pvt Ltd and Shivam Petrochem Industries with an investment of Rs.100 crore each.
Japanese
company Otsuka Pharmaceutical Company Ltd, Israel based Teva
Pharmaceutical Industries Ltd, US-based Abbott and Baxter will also set
up facilities based on the plant design approvals.
Other companies to follow suit are Punishka Healthcare Pvt Ltd, which is into injectables proposes to invest Rs.400
crore for its plant in Ahmedabad among other major ones like Edkem
Pharmaceuticals Pvt Ltd to start operations with an investment of Rs.150
crore, Avantika Medex Pvt Ltd, Derek Healthcare, Dewcare Concept Pvt
Ltd, Afeel Life Care, Rajkot and Moksh Pharmaceuticals Pvt Ltd,
Vadodara.
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