Israel's Teva Pharmaceutical Industries (TPI) and US-based consumer products major Procter & Gamble Co (P&G) are investing Rs500 crore ($90 million) in a joint venture manufacturing plant at Sanand, in Gujarat, to make consumer health and over-the-counter products.
The joint venture company, PGT Healthcare, will initially invest around Rs250 crore to set up a plant to make inhalers, throat drops and cough syrups under the Vicks brand at a 15-acre facility.
''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 of Food and Drug Control Administration (FDCA), H G Kohsia, said.
''The total proposed investment in Gujarat by the venture is around Rs500 crore. It would initially hire 500 people, which could go up to 1,000,'' he said.
Koshia said the joint venture has already acquired around 15 acres of land in Sanand for the project. A formal announcement will be made after signing the MoU with the state government during the Vibrant Gujarat Global Summit-2013 scheduled for January next year, he added.
The joint venture would also have a separate manufacturing line for manufacturing ayurvedic drugs, said Kohsia.