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Wednesday / February 21. 2024
HomeInputsAgro chems – ChemicalsHikal Ltd signs MoU with Gujarat govt for Rs 500 Cr investment in Panoli plant

Hikal Ltd signs MoU with Gujarat govt for Rs 500 Cr investment in Panoli plant

The investment is expected to create employment opportunities of about 400 jobs.

Hikal Ltd and the Government of Gujarat have entered into a Memorandum of Understanding (MoU) as part of the investment initiative associated with the Vibrant Gujarat Global Summit 2024.

According to the MoU, Hikal will inject Rs 500 crores into the existing fine chemical plant located at Panoli, Gujarat. The Panoli plant is distinctive as the only Hikal site that encompasses all three business verticals—Pharma, Crop Protection, and Animal Health.

In reciprocation, the Government of Gujarat commits to assisting Hikal in obtaining the necessary permissions, registrations, approvals, and clearances from the relevant state departments. The investment is expected to create employment opportunities of about 400 jobs, it added. On the Government’s part, it would facilitate the necessary permissions, registrations, approvals, and clearances from the concerned departments of the State, the company mentioned.

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