Continuing with its journey towards global competitiveness, consolidating on its leadership in the diabetes segment and also leveraging on the government’s surprise corporate tax rate cut, USV has announced that it will immediately proceed with its investment on a new state-of-art formulation plant at Vadodara.
USV has three plants based in Daman and Baddi manufacturing tablets, capsules, sterile injectables and ophthalmic products, one API plant at Chiplun and a biotechnology facility in Nerul, Mumbai.
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.
Prashant Tewari, Managing Director, stated,“The construction for the new facility at Vadodara will start as early as October 2019, with an initial capital investment of around Rs 4,000 million. The facility will provide employment to more than 350 people, despite being a very highly automated plant. 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.”
The design of the plant will incorporate energy-efficient systems, renewable energy sources and water conservation features like automated material transfers, solar plants and rainwater harvesting. The facility will have well-designed programmes around skill development and training of manpower.
The company is separately investing in a new Active Pharmaceutical Ingredient (API) plant at Ambernath.