Himachal Pradesh Chief Minister Jai Ram Thakur on Friday said a memorandum of understanding has been signed between the state government and M/s JAGS Pharma Pvt Ltd for setting up Pharma Park consisting of API and Capsule shell manufacturing and formulation and allied activities with proposed investment of around 750 crore which would generate direct employment opportunities to more than 1000 people.
The MoU was signed by the Director Industries Rakesh Prajapati on behalf of the government of Himachal Pradesh.
Thakur welcomed this project in the state as it would generate employment opportunities for local youths and stated that the government has already submitted a competitive proposal of API park to the Union government.
He said we are hopeful in getting API park. He directed the officials to extend guidance and full cooperation to investors.
The land requirement for this Pharma park was around 20 -30 acres. It is also worth mentioning that 8-10 ancillary units were also expected to come along with the project.
He said that the promoters were already running various pharmaceutical formulations and allied industries in Himachal from the last 20 years.
The estimated API capacity of this park would be 4000 tonnes of different molecules which includes pain killers, antibiotics, anti diabetics, cardiovascular etc and would be a big boon to the local formulation industry, the CM said.
He further stated that the government has already submitted a highly competitive bid for Bulk drug Pharma Park which was being evaluated by the Department of Pharmaceuticals, Government of India.
Chief Minister said that Kinvan Pharma park with investment of 850 crore was also being developed at Nalagarh which would meet 57 per cent of the antibiotics requirement in the country. The Department of Pharmaceuticals, Government of India has already approved M/s Kinvan Pharma project under production linked scheme in the line of making India self-reliant in Pharma sector, he added.