U.S. Agency loans $475 million to Build Factories in India

U.S. Agency loans $475 million to Build Factories in India

In its support of resilient supply chains, America is putting dollars into India.

The U.S. Development Finance Corporation (DFC)’s Board of Directors approved the provision of up to $425 million in financing to TP Solar Limited, a subsidiary of India’s Tata Power Company Limited, to build and operate a 4.3-gigawatt solar cell and module manufacturing plant in Tamil Nadu, India. The plant’s first module production is expected by the year end and the first cell production is expected in the first quarter of FY24.

DFC approved an up to $50 million loan to GeneSys Biologics Private Limited to support its construction of a manufacturing facility in the state of Telengana, India, to scale its production of insulin biosimilars by 10X. The biosimilars will be reviewed for approval by the U.S. Food and Drug Administration, as well as equivalent regulators in India and other countries.

GeneSys will do drug substance manufacturing in Telangana and has partnered with Civica Rx a not-for-profit generic drug company that seeks to help patients by addressing shortages and high prices of lifesaving medications. Civica Rx is a Food and Drug Administration-approved manufacturer and will either directly manufacture generic drugs or sub-contract them. Civica will also fill-and-finish drug product manufacturing in Virginia. This effort will help to making insulin accessible and affordable in India, the United States, and around the world. The U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority has provided technical support throughout the development of the project.

The United States and India share a vision of creating secure and trusted telecommunications, resilient supply chains, and enabling global digital inclusion. Further collaboration includes establishing two joint Task Forces on advanced telecommunications, focused on Open RAN and research and development in 5G/6G technologies. Public-private cooperation between vendors and operators will be led by India’s Bharat 6G Alliance and the U.S. Next G Alliance. Both countries are partnering on Open RAN field trials and rollouts, including scaled deployments, with operators and vendors of both markets.


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