India is seeing a surge in FDI in the pharma and biotech sectors, and most of it is routed via Mauritius, according to Alok Gupta, country head, Life Sciences & Biotechnology, Yes Bank.
“The appetite for the pharmaceutical sector is primarily on account of the robust manufacturing story,” says Gupta. “India’s potential to be a sourcing hub for pharmaceuticals is presenting a huge opportunity and hence there is likely to be significant investment.”
In 2004, US $238m was invested into India through Mauritius, much of it as private equity. Merlion, Temasek and Newbridge Capital are among the firms that have invested in India's pharmaceutical sector. Bristol-Myers Squibb, Merck, Novartis and top Japanese pharma company Eisai are among companies that have made direct investments.
Indian Prime Minister Manmohan Singh recently signed a Free Trade Agreement with Mauritius which incorporated the existing DTAA between the two countries, seemingly putting an end to the long-running campaign by the Indian tax authorities to block tax relief for some types of investment.
Entitled the Comprehensive Economic Cooperation Partnership Agreement, the pact is aimed at strengthening the existing economic cooperation between the two countries.
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