Hikal Inks ₹500 Crore MoU for Plant Enhancement at Vibrant Gujarat 2024, Anticipates 400 Jobs

Hikal Ltd is set to embark on a substantial investment of ₹500 crore in the expansion of its existing fine chemical plant located in Panoli, Gujarat. The investment will encompass all three business verticals of the company, namely pharmaceuticals, crop protection, and animal health.

The strategic move was formalized through the signing of a Memorandum of Understanding (MoU) between Hikal and the Gujarat government, marking a significant development in the framework of the Vibrant Gujarat Global Summit 2024 investment initiative. This substantial investment is anticipated to result in the creation of approximately 400 job opportunities, reinforcing the company's commitment to contributing to employment growth in the region.

The MoU outlines the collaborative efforts between Hikal and the Gujarat government, with the latter committing to facilitate necessary permissions, registrations, approvals, and clearances from the relevant state departments. This collaborative venture aligns with the broader goals of fostering economic development and attracting investments as part of the Vibrant Gujarat Global Summit initiative.

HBL