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Teva-Proctor & Gamble put Sanand plan on fast-track

Source : BUSINESS_STANDARD
Last Updated: Tue, Nov 27, 2012 19:32 hrs

Work on the proposed drug manufacturing facility of Teva and Proctor & Gamble (P&G) is likely to begin soon as company officials are scheduled to visit the Gujarat Food and Drug Controllers office this week.

H G Koshia, commissioner, Food and Drug Control Administration, Gujarat (FDCA) informed, "Teva officials are all set to visit us this week with designs and other details of their upcoming plant."

Israel's Teva Pharmaceutical Industries will be entering India through a joint venture with US-based P&G to set up a manufacturing plant for over-the-counter drugs at Sanand for an initial investment of Rs 250 crore. The total investment proposed on the plant is around Rs 500 crore and around 15 acres of land has been already acquired for the purpose. The proposed facility would have two lines, one to manufacture ayurvedic drugs and the other for allopathic medicines. A formal announcement on the project is expected during the upcoming Vibrant Gujarat Global Investors' Summit in January.

Listed on the New York Stock Exchange, Teva is one of leading generic medicines companies in the world, with a portfolio of 1480 molecules and operations in 60 countries. It has a distribution network in around 100 countries across the globe.

Global pharmaceutical majors are making a beeline for the state, as another global pharma giant, Illinois-headquartered Abbott Laboratories is all set to enter Gujarat through its subsidiary Abbott India with a plant at Jhagadia near Bharuch.

The Rs 360 crore plant would make nutraceutical products. The company has been allotted 45 acres on land at Jhagadia which comes in between Bharuch and Vadodara district.



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