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Renuka Minerals is developing a new Active Pharmaceutical Ingredients (API) project in Madri, Rajasthan. The project will have a capacity of 13.92 TPA and will manufacture a variety of APIs such as paracetamol, ibuprofen, and amoxicillin. The project is scheduled to cost 20 crores and would be completed in 2024. It will provide over 500 jobs and major economic advantages for the region, including increased tax income and infrastructure and social development investment. The creation of a new API facility in Rajasthan is a good thing for both the state and the Indian pharmaceutical industry.
The project will assist address the growing demand for APIs in India and around the world, while also stimulating the local economy. The active chemicals of pharmaceutical medications are known as APIs. They are critical for novel drug development and manufacture, as well as the generic drug sector. The rising population, the rising incidence of chronic diseases, and the expanding global pharmaceutical market are all driving up demand for APIs. The Indian pharmaceutical sector is one of the world's largest, and it is continually expanding. By 2024, the industry is anticipated to be worth Rs. 65,000 crore.
The increasing demand for pharmaceutical products in India and overseas is driving the rise of the Indian pharmaceutical sector. The creation of a new API plant in Rajasthan will aid in meeting India's and the world's growing demand for APIs. It will also benefit India's pharmaceutical industry and economy. Here are some of the potential benefits of the Renuka Minerals Active Pharmaceutical Ingredients Project at Madri, Udaipur, Rajasthan: Increased employment opportunities Increased tax revenue Investment in infrastructure and social development Reduced import dependence on APIs Boost to the Indian pharmaceutical industry Support for the local economy
As of September 2023, The project is now in the stage of construction being started the work on the project will be finished in 2024, 2025 or 2026 It has been decided to hire a local contractor.
News by Rahul Yeligetti
