The joint venture between Teva and P&G would set up OTC drug manufacturing facility at Sanand in Gujarat with an initial investment of Rs250 crore
Ahmedabad: Global pharma giant, Teva Pharmaceutical Industries (TPI) shall foray into India through a joint venture with US based Proctor & Gamble (P&G) and will set up its first manufacturing facility at Sanand in Gujarat, reports PTI quoting a top state official.
"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 Rs250 crore," Gujarat's Commissioner Food and Drug Control Administration (FDCA) HG Kohsia said.
"The total proposed investment in Gujarat by the JV is around Rs500 crore. They would initially hire 500 people, which could go up to 1,000," he said.
Around 15 acres of land for the project has already been acquired, Koshia said.
A formal announcement is likely to be made after signing of a memorandum of understanding (MoU) with the state goverment during the Vibrant Gujarat Global Summit-2013 scheduled for January next year, official sources said.
"The facility to come up on 15 acres of land is proposed to have two separate lines, one for manufacturing Ayurvedic drugs and another for allopathic medicines," he said.
A joint delegation of P&G Teva recently visited Gujarat and evinced interest in setting up a manufacturing facility here.
"A four member delegation led by Vice President Corporate Quality of Teva Karin Baer met us and sought details of setting up a facility to manufacture OTC products like cough syrups, inhalers....amongst others," Koshia said.
Assistant Vice President Teva Rajiv Palliwal, Senior Director OTC operations Teva Haresh Gill and Seema Sundereshan, a senior scientist from P&G were part of the delegation, he said.
The proposed facility at Sanand would have state-of-the-art equipment and adhering to good manufacuring practices (GMP) norms to make products both for Indian and overseas market, Koshia said.
A lot of global companies have evinced interest in setting up their facilities in Gujarat, an established hub for pharmaceutical companies, especially SMEs.
NYSE listed, Teva Pharmaceutical is number one global generic company, having a portfolio of 1,480 molecules with operations in 60 countries and distribution network in around 100 countries.