Andrew Witty, GSK Chief Executive, has said the company is eyeing up new investments in the Indian pharmaceutical market.

In an interview with The Times, Mr Witty outlined plans to purchase assets of up to £2bn as it looks to increase its presence in one of the world’s largest emerging markets.

But Mr Witty ruled out any large-scale takeovers was as the company already has an “enviable” brand in the country.

Glaxo currently employs 5,000 people in India with a turnover in the country of more than £1bn.

The Indian pharmaceutical market in the country was recently reported to reach $55bn a year by 2020. In 2009, the market was worth around $12.9bn.

GSK is not the first company to invest in the Indian market. Sanofi recently announced a deal to acquire Universal Medicare’s over-the-counter unit in the country. India’s The Economic Times also reported that Takeda is in takeover talks with the generic drug manufacturers Cipla and Lupin which are based in the country.

The FDA has approved Lupin Pharmaceutical’s generic version of UCB’s Keppra XR tablets for the treatment of epilepsy in patients aged 16.

The levetiracetam drug is indicated for adjunctive therapy to treat partial onset seizures following final approval from the FDA for its abbreviated new drug application (ANDA) to market the treatment option in the US.

The 500mg and 750mg extended release tablets are the AB-rated generic equivalent of Keppra XR.

Lupin Ltd said in a statement that commercial shipments of the product have now commenced.

Keppra’s annual sales were estimated at $161 million for a twelve month period ending in June 2011, based on IMS Health sales data.

The India-based pharmaceutical company produces a range of generic and branded formulation and APIs for distribution worldwide, involving market shares in cardiovasculars, diabetology, asthma, paediatrics and anti-infectives.

Lupin Pharmaceuticals has received FDA approval for its Abbreviated New Drug Application (ANDA) for Tramadol hydrochloride extended release tablets in the US.

Tramadol ER is the generic version of Ortho-McNeil’s Ultrum ER tablets, indicated for the management of moderate to moderately severe chronic pain in adults who require 24/7 treatment of their pain for an extended period of time.

The company said that it will be “shipping its Tramadol ER shortly”.

Mumbai-based Lupin Limited is a global pharmaceutical company producing both generic and branded formulations and APIs. Its Lupin Pharmaceuticals headquarters is based in Baltimore, Maryland, USA.