Adar Poonawalla's Serum Institute of India will invest 240 million pounds in the UK through the setting up of a new sales office, British Prime Minister Boris Johnson's Office announced on May 3.
The sales office is expected to generate new business worth over $1 billion, of which £200 million will be invested in the UK. The investment is a part of a large tranche of over 533 million pounds of new Indian investment in the UK, expected to create 6,500 jobs across sectors.
The announcement comes hours ahead of PM Modi’s digital summit with Johnson on May 4. The statement also revealed Serum Institute has started phase one trials in the UK of a nasal vaccine against coronavirus.