Serum Institute of India Leads Cross-Sector Indian Investments into UK

Downing Street announced that the Serum Institute of India would invest GBP 240 million (US$ 332.38 million) in the UK to expand its vaccine business and open a new sales office, creating thousands of jobs, as part of a GBP 1 billion (US$ 1.38 billion) India-UK Enhanced Trade Partnership that will create about 6,500 jobs in the UK.

The news came ahead of a virtual summit between Prime Ministers Mr. Boris Johnson and Mr. Narendra Modi, on Tuesday.

Serum Institute of India, a Pune-based vaccine manufacturing firm, led by CEO Mr. Adar Poonawalla, is one of nearly 20 Indian companies to announce major investment plans in the UK this week, including sectors such as healthcare, biotech, and software services. It was also announced that the Serum Institute of India (SII) has begun phase one trials of a nasal coronavirus vaccine in the UK.

Downing Street stated that clinical trials, R&D, and possibly vaccine production would all benefit from Serum’s investment. This will help the UK and the rest of the world in combating the coronavirus pandemic and other deadly diseases. In collaboration with Codagenix INC, Serum has begun phase one trials of a one-dose nasal vaccine for coronavirus in the UK.

Mr. Poonawalla, who is now in London and has indicated at plans to increase vaccine production outside of India, called his meetings there “excellent.”

On Twitter, he wrote, “We will work even harder and improve India’s battle against COVID-19.”

Another notable Indian healthcare investment is a GBP 59 million (US$ 81.71 million) investment by biotech company Global Gene Corp over the next five years. It will build 110 high-skilled jobs in the UK, the majority of which will be located at the Human Genome Project’s Wellcome Genome Campus in Cambridge.

Prime Minister, Mr. Johnson said, “I’m delighted that Global Gene Corp has agreed to join the legions of Indian companies that have invested in the UK, bolstering our healthcare sector and accelerating economic growth.”

Mr. Sumit Jamuar, Chairman & CEO of Global Gene Corp, said, “The aim of the investment is to bring an “exponential leap” into the future of healthcare through genomics – from drug discovery to precision medicine – a mission that will be “much more important” in the coming years.”

He added, “With the Genome UK plan, the UK is at the forefront of the genomics movement. To realise our vision, we are excited to invest in cutting-edge capabilities at the intersection of genomics and machine learning.”

Invest India CEO Mr. Deepak Bagla said, “We believe that in line with Prime Minister Mr. Modi’s vision of National Healthcare Mission and Ayushman Bharat, the genomic revolution will have a significant effect on the lives of billions of people. This revolution will be made possible by Global Gene Corp.

Other Indian investments announced include Q-Rich Creations at GBP 54 million (US$ 74.79 million), that would generate 667 jobs in UK; I2 Agro at GBP 30 million (US$ 41.55 million), generating 465 jobs; Wipro at GBP 16 million (US$ 22.16 million), generating 500 jobs; Mastek generating 357 jobs; and Sterlite Technologies at GBP 15 million (US$ 20.77 million), generating 150 jobs.

Some of the others on the list of Indian investments include Route Mobile at GBP 20 million (US$ 27.70 million); Cron Systems at GBP 20 million (US$ 27.70 million), generating 100 jobs; Skillmine at GBP 11 million (US$ 15.23 million), generating 100 jobs; SNVA Ventures at GBP 10 million (US$ 13.85 million), generating 200 jobs; CtrlS Data Centers at GBP 10 million (US$ 13.85 million), generating 100 jobs; Que Processing Services at GBP 10 million (US$ 13.85 million), generating 100 jobs; TVS Motors-Norton generating 89 jobs; Prime Focus Technologies generating 70 jobs; and Goila Butter Chicken at GBP 3 million (US$ 4.15 million).

According to Downing Street, the announcement of over 6,500 new jobs in the UK and GBP 1 billion (US$ 1.38 billion) in new trade with India, is based on company commitments and figures from UK-India exports and investments, as well as robust involvement from Department for International Trade officials.

Morningside Pharmaceuticals, which is discovering, developing, and licencing new pharmaceutical drugs; Polymateria’s biotransformation technology, which enables plastics to become completely biodegradable, in a deal worth GBP 75 million (US$ 103.87 million) in UK exports over the next five years; CMR surgical in a contract worth GBP 200 million (US$ 276.98 million) generating 100 new UK jobs; Kloudpad with critical hardware and software bespoke data centres, contract worth GBP 15 million (US$ 20.77 million); and Drone surveying equipment and AI technology from Vidrona.

KIGG systems – smart metre test benches for power delivery companies; CyanConnode – GBP 18 million (US$ 24.93 million) deal; GoZero Mobility – GBP 3.2 million (US$ 4.43 million) deal for e-bikes; Agvesto – GBP 3 million (US$ 4.15 million) deal; Revolut expansion into India; CDE Asia – GBP 500,000 (US$ 692,457.50) deal; and Bio Goods Laboratory – biopharmaceutical finished products for rare bleeding disorders, are among the others.

The export agreements also cover the expansion of British video game developer Kwalee in India; Astropol – colour and additive solutions for the vinyl, non-vinyl, and related additive industries, worth GBP 12 million (US$ 16.62 million); Surgease – worth GBP 14.9 million (US$ 20.64 million); and Oxvent – worth GBP 20 million (US$ 27.70 million), among others.

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Source: IBEF

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