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Out of 273 MoUs inked as part of the 9th Vibrant Gujarat (VG) Summit-2019 held between January 18 and 22, Gujarat will witness 42 new pharmaceutical plants commissioned in the coming three months time with 122 plants to perform ground-breaking ceremonies.
While 13 new companies have proposed an investment of more than Rs. 100 crore during the summit, 68 companies have proposed an investment in the range of Rs. 10 to Rs. 99 crore.
The 273 MoUs signed represent 74 bulk drug companies, 187 formulation companies and 12 public testing labs besides 102 plants which are under construction.
In total, 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 around 19,000 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.
There is an estimated employment generation prospects of 18,915 in VG -2019 as compared to 7,713 in 2015 and 8,158 in 2017.
Some of the major companies which are investing in the range of of Rs. 10 to Rs. 99 crore are Halewood Laboratories Pvt Ltd with Rs. 40 crore investment in tablet, capsule manufacturing, Centurion Remedies Pvt Ltd with Rs. 35 crore investment in formulations segment, CTX Life Sciences Pvt Ltd expanding in bulk drugs segment with investment of Rs. 30 crore, KLM Labortories Pvt Ltd with Rs. 25 crore investment, West Bengal Chemical Industries Ltd with Rs. 23 crore in bulk drugs segment, Avery Pharmaceutical Pvt Ltd with an investment of Rs. 20 crore, Renova Life Sceinces Pvt Ltd with Rs. 12.5 crore investment in Ophthalmic products segment and Veritas Healthscience Pvt Ltd with Rs. 10 crore investment in tablet, capsule and liquid manufacturing segment.
There are a total 218 new companies which have shown interest for investments out of the 273 MoUs signed with 55 companies having plans of expansion. While Gujarat based MNC Alembic which is one of the oldest companies has also proposed an investment of Rs. 300 crore as part of expansion plan, US based Amneal Pharmaceutical Pvt Ltd has proposed an investment of Rs. 300 crore.
Ahmedabad based CRRI Holding Inc which is into regenerative medicine has proposed an investment of Rs. 3,500 crore.
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).
The Gujarat Food and Drug Control Administration (FDCA) has also approved layout designs of more than 185 companies giving a major boost to the domestic pharmaceutical industry.
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