SII, Bharat Biotech get Rs 4,500 cr supply credit

New Delhi: The Union Finance Ministry on Monday accorded in-principle approval to sanction supply credit of Rs 4,500 crore to Serum Institute of India (SII) and Bharat Biotech, both Covid vaccine manufacturers, to enable them to ramp up their production capacity.

According to reports, Pune-based SII will get a credit of Rs 3,000 crore while Bharat Biotech will be given Rs 1,500 crore. This payment will be released immediately as the country is facing vaccine shortage.

The credit sanction assumes significance in the wake of rising Covid cases in the country. Besides, SII CEO Adar Poonawalla recently requested the centralgovernment for Rs 3,000 crore grant for ramping up capacity of the Covid-19 vaccine beyond 100 million doses a month.

It has drawn plans to expand its capacity by June this year. Meanwhile, the Delhi government imposed six-day lockdown to curb Covid spread as the national capital witnessed a record number of 23,000 daily cases. Rajasthan Government also imposed curbs.