Gujarat Racks Up INR 1,770 Cr Investments with 8 Pharma Giants Signing MoUs

In addition to the pharmaceutical sector, Gujarat is garnering attention from Japan’s MedTech companies and America's Proctor & Gamble for substantial investments, contributing to the state's diverse global appeal.

Gujarat continues to solidify its status as a pharmaceutical manufacturing hub, with eight prominent pharmaceutical companies entering into Memorandums of Understanding (MoUs) totalling INR 1,770 Cr with the Gujarat government.

Dr H G Koshia, commissioner of Gujarat Food and Drug Control Administration (FDCA) and Pharma Guardian Officer of Gujarat made the announcement, highlighting the state's appeal for leading players in the pharmaceutical industry.

These MoUs, a precursor to the 10th Vibrant Gujarat Global Investor Summit (VGGS)-2024 scheduled for January 11 to 13, 2024, mark a significant step in Gujarat's economic resurgence after a five-year hiatus due to the pandemic.

In addition to these agreements, MoUs exceeding INR 20,000 Cr were also inked online through the Investor Facilitation Portal (IFP), reflecting Gujarat's commitment to providing a seamless and efficient platform for investors.

Leading the pack is Intas Pharmaceuticals Limited, committing INR 250 Cr for the establishment of a manufacturing unit in Valiya, Bharuch. Other key players include Innoxel Life Sciences, Varenyam Biolife Sciences, Halewood Laboratories, Sun Pharmaceutical Industries Ltd, Meril Healthcare, Micro Life Sciences, and Meril Life Sciences.

"After scrutinising the data and finding that the company is genuine, an online MoU certificate is issued by the Guardian Officer. Companies which are investing in projects worth more than Rs. 100 crore are being awarded the MoU certificates by the hands of the Chief Minister of Gujarat," Dr Koshia further informed.

Beyond pharmaceuticals, Gujarat is attracting interest from MedTech companies in Japan, adding a diversified dimension to the state's global appeal.

Additionally, American multinational Procter & Gamble (P&G) is gearing up for substantial investments, earmarking INR 2,000 Cr for its premium psyllium husk-based laxative drug product and an extra INR 200 Cr for its Vicks product range.

P&G's strategic move to expand its manufacturing footprint in Gujarat underscores the state's competitive edge, offering a favourable business and regulatory environment. These developments collectively position Gujarat as an attractive investment destination, drawing attention from both domestic and international players across diverse sectors.

In another development, the Gujarat government announced that it is gearing up to launch its medical device park in Nagalpar, near Rajkot. The project, spanning an expansive 250 acres, is on track to be operational by the close of 2024.

The medical device park has been designed to be a commercially viable and economically sustainable venture. It is poised to become a magnet for investments, with an anticipated influx ranging from $100 to $150 million over the next three years.