USV invest Rs 4000 million in new plant at Vadodara

USV to invest Rs 4000 million in new plant at Vadodara, India

10:50 AM, 25th September 2019
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NEW DELHI, INDIA: Leveraging on the government’s surprise corporate tax rate cut, USV Private Limited has announced that it will immediately proceed with its investment on a new formulation plant at Vadodara.

The recent announcement by the government has provided the much-needed boost to the pharmaceutical manufacturing sector that requires investments to provide world class medicines to the population, at large. While the tax cut announced by the government will increase capital spending and generate employment in the pharmaceutical sector, these investments will also go a long way to improve sustainability and capacities in pharmaceutical manufacturing.

“The construction for the new facility at Vadodara will start as early as October 2019, with an initial capital investment of around Rs 4000 million. The facility will provide employment to more than 350 people, despite being a very highly automated plant,” said Managing Director, Prashant Tewari.

"The company will manufacture its leading products in diabetes and hypertension segments in this facility. The plant will supply to both the domestic and export markets," he added.

The design of the plant will incorporate energy efficient systems, renewable energy sources and water conservation features such as automated material transfers, solar plants and rainwater harvesting. The facility will have well designed programs around skill development and training of manpower.

The company is separately investing in a new Active Pharmaceutical Ingredient (API) plant at Ambernath.

Source: ETHealthWorld



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