Leading in cross-sector Indian investments Serum Institute invests in UK
Adar Poonawalla’s Serum Institute of India has announced its 240 million pounds investment in the United Kingdom. Step has been taken by Serum Institute to expand its vaccine business beyond Indian borders amid growing shortage of Covid-19 vaccines as demand continues to grow with surge in Covid-19 cases in India.
SII will set up a new sales office thereby creating large number of jobs both directly and indirectly. Downing Street confirmed the development as being a part of the 1 billion pound India-UK Enhanced Trade Partnership. The set up is expected to create some 6500 jobs in the UK. The announcement by No. 10 came before virtual summit between Indian Prime Minister Narendra Modi and UK Prime Minister Boris Johnson on Tuesday.
Serum Institute of India headed by CEO Adar Poonawalla is one of the 20 Indian companies across sectors including healthcare, software service and biotech that form part of crucial investment plans by India in UK to be announced this week. SII has also commenced phase one trials of its nasal vaccine in UK.
Referring to the SII’s plans of investing in UK, Downing Street said on Monday, “The sales office is expected to generate new business worth over USD 1 billion, 200 million pounds of which will be invested into the UK. Serum’s investment will support clinical trials, research & development and possibly manufacturing of vaccines. This will help the UK and the world to defeat the coronavirus pandemic and other deadly diseases. Serum has already started phase one trials in the UK of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix INC.”
Poonawalla is currently in London. He had recently shared his plans of expanding vaccine production outside India.
Another healthcare firm that would invest in the UK is Global Gene Corp. The biotech firm is set to invest 59 million pounds over next five years, creating 110 highly skilled jobs centered in UK’s R&D Centre at Wellcome Genome Campus, Cambridge. “I’m very pleased that Global Gene Corp has decided to join the legions of Indian companies investing in the UK, boosting our healthcare sector and driving economic growth,” Prime Minister Johnson said.
Other Indian investments in UK that were announced on Monday include Q-Rich Creations at 54 million pounds, creating 667 UK jobs; Wipro at 16 million pounds, creating 500 jobs; I2 Agro at 30 million pounds, creating 465 jobs; Mastek creating 357 jobs; and Sterlite Technologies at 15 million pounds, creating 150 jobs.