Sardar Patel’s Descendant Signs Deal For $1.2 Billion FDI For Cancer Drug Project

Switzerland-based large investment management and consultancy firm IMCI+Capital has pledged to bring in investments worth USD 1.2 billion into a cancer drug project being developed by Dr Gita Patel, the great-great-granddaughter of independent India's revered first Deputy Prime Minister Sardar Vallabhi Patel, known as the iron man of India. 

Sardar Patel was the country's tallest and most firebrand leader in the fight against the British for independence and played a lead role in uniting the country post 1947 by merging various states with the union. Sardar Patel's family, however, has stayed away from politics. India has built the world's tallest statue of Sardar Patel in Gujarat. Dr Gita Patel is the director of Carpe Diem Elixir Bharat.

"Having reviewed the project details, we are enthusiastic about the prospect of facilitating the funding amount of 1,2 billion USD, in 4 phases. We are eager to actively contribute to its financing, management, and successful implementation through our IMCI+ Alliance and IMCI+ Capital Services," IMCI+Capital said in a letter of interest.

"Following your presentation by our Alliance members and further preparation of the needed documents for an official application for funding with IMCI Group, the call has shed light on the significance of your project in advancing global healthcare, and on the Indian population, which is the target of your project and initial studies," IMCI+Capital further said.

The LOI was issued by IMCI+Capital to Dr Gita Patel and his partner Vibhor Anand on October 24.

Dr Patel has been working on developing drugs for cancer treatment and has already pledged to invest in Uttar Pradesh, for which the state government has also facilitated her with land. Dr Patel's company has signed a MoU with the Uttar Pradesh government wherein she had pledged to invest Rs 8200 Crores.

“All research work will be done at the lab until phase one trial. We intend to come up to phase one in six to nine months so that we can go for human trials. Once all research standards are completed, we can go for human trials, before we actually manufacture and market the drug,” Dr Patel had said earlier.

Vibhor Anand, Director CDE Bharat said, “Our Vision of the First Make in Bharat Cancer Drug is driven by PM Narendra Modi’s Aatmanirbhar Bharat and we are thankful for all the support that we are getting from the Govt of UP for this project."