AHMEDABAD: Ahead of Vibrant Gujarat Global Summit, the state raked in 230 investment proposals for Rs 15,000 crore. Domestic and multinational pharma companies have sent their investment proposals and detailed project reports (DPR) to the state government. The Food and Drug Control Administration (FDCA) officials said that in the coming months, more proposals are expected.
Gujarat FDCA commissioner H G Koshia said, “Ahead of VGGS, interested companies are submitting their investment proposals online. So far, in the pharmaceuticals sector, we have received 230 such proposals with a total investment intention of Rs 15,000 crore.
The pharma sector is considered a high turnover and low investment sector and therefore Rs 15,000 crore in investment proposals is significantly high. We anticipate that the proposals will continue coming in till January because Gujarat is the pharma hub of the country, accounting for 30% contribution to the country’s pharma industry.”
He added that companies submitting investment intentions are being told to provide DPRs to ensure their proposals are genuine. Several domestic companies are expanding their capacities in the state, while some companies from other states and countries are also planning to set up their manufacturing bases in Gujarat, he said. According to Koshia, the biggest investment proposal has come from P&G, which will set up a pharma plant in Sanand with an investment of Rs 2,200 crore.
According to the FDCA, it approved plans for 139 new allopathic drugs manufacturing units in 2022-23, and the flow of new investments has continued this financial year too. The state now has close to 4,000 allopathic drugs manufacturing units.
US companies express interest to invest Rs 25,000 crore in Karnataka
The Karnataka government has announced that several American companies have shown interest in investing around Rs 25,000 crore in the state. During a recent visit to the US, a delegation from Karnataka held 36 interactive meetings with companies such as Apple, Boeing, Dell, and Texas Instruments. The discussions focused on sectors including semiconductors, aerospace and defence, electric vehicles, and precision manufacturing. The government aims to position Karnataka as an attractive destination for investment, highlighting its industry-friendly policies, incentives, skilled workforce, and natural resources. The government also plans to collaborate with companies to establish Centers of Excellence and organize a global start-up summit next year.
The second edition of World Food India is set to attract over Rs 75,000 crore investment in the food processing sector. The event, to be held in November, will see participation from 16 countries, 23 state governments, 11 Union ministries, and central bodies. The Netherlands will be the partner country, with Japan and Vietnam as focused countries. Companies like Britannia, GreenGrahi, Foods and Inns Ltd, St Peter & Paul Sea Food Exports, General Mills, Buhler Group, Mondelez, Coca Cola, and Lulu Group have already made investment commitments.
The Indian Biogas Association (IBA) has received commitments for investments worth Rs 2,755 crore during the Renewable Energy India Expo 2023. The investments are expected to be realized in the next three years and come from companies in countries like Germany, Sweden, and Italy. The IBA, established in 2011, promotes the development of the biogas sector in India and works with international organizations such as the German Biogas Association. The expo focuses on renewable energy and aims to accelerate India’s transition to net-zero emissions. The biogas industry has the potential to replace fossil fuels with the right support and development.
