Caplin Group to invest Rs 700cr in Tamil Nadu for diverse projects
Caplin Group of Companies, comprising Caplin Point Laboratories Limited and its subsidiaries Caplin Steriles Limited and Caplin One Labs Limited, has entered into a Memorandum of Understanding (MoU) with the Tamil Nadu Government. The agreement, signed during the Tamil Nadu Global Investors Meet 2024, pledges an investment of INR 700 Crores over five years into diverse projects in the state.
Investment Details and Government Support
This strategic investment by Caplin Group will focus on oncology, active pharmaceutical ingredients (API), and research and development (R&D) facilities. The Tamil Nadu Government, in return, will provide necessary regulatory assistance, infrastructure support, and facilitation in accordance with applicable laws. Additionally, Caplin Group will be eligible for standard incentives offered by the government.
Major Economic Boost: Caplin Group Signs MoU with Tamil Nadu Government
Job Creation and Economic Impact
The proposed investment is expected to generate 1,500 employment opportunities, comprising 1,000 direct and 500 indirect jobs. This will significantly contribute to the socio-economic development of Tamil Nadu, especially in the vital pharmaceutical sector.
Statements from Caplin Group’s Leadership
C.C. Paarthipan, Chairman of Caplin Group, expressed enthusiasm about the partnership with the Tamil Nadu Government. He emphasized the investment’s alignment with the state’s goals and Caplin’s focus on expanding manufacturing capabilities and driving R&D efforts. He also highlighted the company’s commitment to positive societal impact and social development.
Caplin Group’s Focus on Pharmaceutical Development
This MoU between Caplin Group and Tamil Nadu Guidance, the nodal agency of the Government of Tamil Nadu, underscores the company’s dedication to advancing the pharmaceutical industry, particularly in oncology and API. It also reflects the group’s proactive approach to supporting economic growth and employment in the state.
Caplin Group’s investment in Tamil Nadu is a strategic move, poised to strengthen the pharmaceutical sector’s capabilities in the region. It showcases the company’s commitment to industry growth, innovation, and societal development.