Live Markets »News & Advice»Market News»Market News Details
Market News Details
Back

UP to open 6 pharma parks, receives investment commitment of Rs 50-60 bn

Press Trust of India/Mumbai 11 Oct 18 | 05:40 PM

Representative image Photo: Reuters

The Uttar Pradesh government is planning to open six pharma parks across the state and has received an investment commitment of about Rs 50-60 billion from domestic and multinational pharma companies, a senior minister said Thursday.

Related Stories

    No Related Stories Found
Widgets Magazine

The government is in talks with several multinational companies like Mylan, GE, Pfizer and Sanofi along with domestic players for setting up pharma units in the state, Uttar Pradesh health minister Sidharth Nath Singh said.

"Uttar Pradesh is already a major centre having 30 per cent of manufacturing and exports of pharmaceuticals in the country. We had announced new pharma policy three months back and have already received an investment commitment of about Rs 50-60 , of which we hope that several will materialise soon," Singh told PTI here.

ALSO READ: Relax environment norms for export growth, say pharmaceutical firms

Speaking on the sidelines of the Organisation of Pharmaceutical Producers of India (OPPI) annual celebration event, Singh said, the government is setting up six pharma parks in Noida, Bundelkhand, Ghaziabad, Gorakhpur, Lucknow and Allahabad, which will help in achieving faster growth.

The government will allot 100 to 250 acres of land and offer incentives like free electricity, zero stamp duty and interest free loan up to Rs 100 million for the infrastructure development, he said.

"We are also reimbursing for five to seven years the state GST component. For the R&D support, we are providing capital intensive subsidy in the form of reimbursement to 60 per cent (up to Rs 5 million for the maximum unit)," Singh said, adding that the the state offers single window system and follow ethical practises.

ALSO READ: E-pharmacy deal values surge over 200% in first nine months of 2018

Singh said the Centre's Ayushman Bharat is a huge programme and "we intend to be the backbone of implementing this initiative".

He said the state government has already reached out to 1,000 private and public hospitals and is reaching out to 1,000 more.

"We already have a huge training programme for the ASHA, ANMs and Angadwadi workers in UP to speed up the training process," he said.

Widgets Magazine

Sensex

Company Price Gain (%)
St Bk of India292.452.52
Tata Motors167.101.95
Yes Bank190.301.87
HDFC Bank2,118.001.57
Bharti Airtel308.851.20

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine