PharmaLytica 2021 Hyderabad review.

Rs 500 crore plant in Gujarat to be set up by Mankind

The company plans to invest Rs 500 crore for the plant in the first phase of the project that will be set up in Vadodara.

12 March, 2021 Mumbai; The company plans to invest Rs 500 crore for the plant in the first phase of the project 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 department of pharmaceuticals has acknowledged the letter of intent detailing the project outlay 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. 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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