Teva Pharmaceutical, the generic drug manufacturer from Israel has planned to make its presence felt in India through acquiring Indian drug companies and set up greenfield manufacturing facilities. Teva is planning to set up an Active Pharmaceutical Ingredient (API) over 100 acres of land it has recently acquired to come up to the standards of the domestic generic giants. The project is aimed to be achieved in the next two years.
The manufacturing facility will be located near Gwalior in Madhya Pradesh, India.
Teva plans to invest US$ 1 billion, of which around US$ 250 to US$300 million will be for manufacturing facilities and the rest for the acquisition of the domestic companies.
The plant will be set up for the manufacture of API to match the capacities of domestic generic players like Ranbaxy, Cipla, Wockhardt among others. Teva has purchased the land sometime back and shall be starting the construction process once the requisite government clearances for the same have been received.
