Serum Institute of India set to invest £240 million in U.K.

British PM announces Indian investment deals ahead of UK-India summit

Ahead of the U.K.-India bilateral summit, Prime Minister Boris Johnson has announced £1 billion investment deals by Indian companies that will create 6,500 jobs in the U.K. The biggest in the investment deals is by the Serum Institute of India (SII) amounting to £240 million.

The investment by the SII is aimed at the firm’s vaccine business in the U.K. and a new sales office, said an official statement.

“The sales office is expected to generate new business worth over $1 billion, £200 million of which will be invested in the U.K. Serum’s investment will support clinical trials, research and development and possibly manufacturing of vaccines,” said the official statement.

As part of its plans, SII has already started phase one trials in the U.K. of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix INC. Other prominent investment deals announced include ones with Infosys, MPhasis, Wipro, and Goila Butter Chicken, which will invest £3 million and create 40 jobs.

Prime Minister Narendra Modi and Mr. Johnson will hold a virtual summit meeting on Tuesday when both sides will hold a wide ranging discussion covering trade, health, climate and defence.

Source: Read Full Article