Israel's Teva Pharmaceutical to sign a JV with P&G for India foray
Teva Pharmaceuticals to set up its India manufacturing facility at Sanand, Gujarat in a JV with P&G.
Ahmedabad, July 25, 2012: The global pharma giant, Teva Pharmaceutical Industries will soon foray into the Indian market in a joint venture with Proctor & Gamble (P&G).
"TPI and P&G joint venture P&G Teva would set up over the counter (OTC) drug manufacturing facility at Sanand with an initial investment of Rs 250 crore," as per Gujarat's Commissioner Food and Drug Control Administration (FDCA) H G Kohsia.
The state official also said that the total proposed investment by the JV is over Rs 500 crore and the company will initially hire 500 people which may go up to 1,000. It is expected that the formal announcement will be made after signing of MoU with the state government at the Vibrant Gujarat Global Summit 2013 scheduled for January next year.
It is expected that the facility will come up on 15 acres of land and will have will two separate line of production – for manufacturing ayurvedic drugs and the second one for allopathic medicines.
It may be noted here that Teva Pharmaceutical is among the top names in the list of global generic companies. In fact, with a portfolio of 1,480 molecules and operations in 60 countries, Teva along with P&G will make products both for Indian and overseas market at the Sanand facility.
Currently, Gujarat-based pharma companies contribute 40 per cent share to India's total pharma production and over 3,500 manufacturing units are engaged in manufacturing of Allopathic, Ayurvedic, Homeopathic drugs & Cosmetics in the state. And with companies like Teva Pharmaceuticals joining in, there is no doubt over the fact that the share of the state is well poised to go up in times to come.