Last Updated on October 15, 2024 by The Health Master
GANDHINAGAR: The Government of Gujarat has given an in-principle nod to Indian pharma major Mankind Pharma for setting up a Rs 500 crore pharmaceutical plant in Gujarat.
In the first phase of the project, the company plans to invest Rs 500 crore for the plant that will be set up in Vadodara. Mankind Pharma will invest Rs 1,100 crore in a phased manner.
The announcement was made during a special virtual signing ceremony held during the ongoing India Pharma and Medical Device 2021 event.
The letter of intent detailing the project outlay has been acknowledged by the department of pharmaceuticals and the department has assured all support for the proposed project.
M K Das, additional chief secretary, industries and mines, Government of Gujarat, said that Mankind Pharma is being extended all support from the government.
The plant being set up by the company will be 100% exports oriented and the products manufactured here will be sent to countries such as United States, Netherlands, to name a few, Das said.
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He added that companies such as Mankind Pharma will be able to benefit from Government of India’s Production-Linked Incentive (PLI) schemes and which in turn will help reduce the import dependency.
“The proactive and forward-looking initiatives of Government of Gujarat has ensured that the state still continues to be No.1 in attracting FDI investments in the country. The state has accounted for 53% of the total FDI investment received that of the entire country (April- September 2020),” he added.
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