In a major boost to nation's fight against the novel coronavirus pandemic, the Pune-based Serum Institute of India is soon going to start the production of Russia’s COVID-19 vaccine, Sputnik V.

The information was made public by Kirill Dmitriev, CEO of Russian Direct Investment Fund, who said, "Serum Institute of India (SII) will commence production of Sputnik V in September. Some other manufactures are also ready to produce this vaccine in India."

The Russian RDIF (Russian Direct Investment Fund), which is promoting the vaccine globally, said that they intend to produce over 300 million doses in India per year. Addtionally, as per reports, technology transfer has already begun and the first batch of vaccines is expected in September.

"As part of the technical transfer process, SII has already received cell and vector samples from the Gamaleya Center. With their import approved by the Drug Controller General of India), the cultivation process has begun," read a statement from RDIF.

"I am delighted to partner with RDIF to manufacture the Sputnik vaccine. We hope to make millions of doses in the coming months with trial batches starting in the month of September," said Serum Institute chief Adar Poonawalla.

"With high efficacy and a good safety profile, it is critical that the Sputnik vaccine is accessible in full measure for people across India and the world. Given the uncertainty of the virus, it is important for international institutes, and governments to collaborate and further bolster up our fight against the pandemic," he added.

As of now, Sputnik V is marketed by Dr Reddy’s Laboratories Ltd in India.

As of now, the Russian vaccine has been registered in more than 60 countries with a total population of about 3.5 billion people. Sputnik V is one of the safest and most effective coronavirus vaccines, according to data acquired by several regulators in Argentina, Serbia, Bahrain, Hungary and Mexico.

According to the official website of Sputnik V, this vaccine is one of those jabs in the world with an efficacy of more than 90 per cent. It can be stored at a temperature of 2 to 8 degrees Celsius, which allows for easy distribution worldwide, including hard-to-reach regions.