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Ahmedabad-based Cadila Pharmaceuticals will invest ₹100 crore to set up a pharmaceuticals formulations manufacturing facility at Malipada near Bhubaneswar in Odisha.
According to the company, it has signed an investment intention form (IIF) with the Odisha government at the Make in Odisha Conclave 2022 held in Bhubaneswar.
The proposed greenfield state-of-the-art unit is envisaged to be one of the biggest pharmaceutical manufacturing units in the region, the company said adding that the State government will provide fast-track approvals for the project.
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According to Fitch, the worldwide economic slowdown is expected to reduce demand for Indian exportsThe new manufacturing facility will come up under the recently launched Industrial Policy 2022 of the Odisha government.
Hemant Sharma, Principal Secretary of Odisha’s Industries Department, and Raj Prakash Vyas, President of Corporate Affairs at Cadila Pharmaceuticals signed the IIF in the presence of Odisha Chief Minister Naveen Patnaik.
“Cadila Pharmaceuticals Limited, established in 1951 and with its innovative products in various therapeutic areas, will be a valued addition in Odisha’s growth of the economy and health security,” said Shalini Pandit, Commissioner-cum-Secretary, Health & Family Welfare, Government of Odisha, adding that the State’s new Industrial Policy 2022 ensures affordable medication and healthcare to the poorest of the poor.
“The planned state-of-the-art pharmaceutical formulation manufacturing unit in Odisha is a strategic engagement for Cadila Pharmaceuticals in its business expansion and diversification strategy. It will also go a long way in establishing a strong presence in the eastern part of the country,” said Raj Prakash Vyas.
According to Odisha government, the third edition of Make in Odisha Conclave concluded in Bhubaneswar on Saturday with investment proposals worth ₹10.5 lakh crore.
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