Hyderabad attracts Rs 700 crore investments in pharma
The life sciences hub of India, Hyderabad has attracted two major investments in Genome Valley. Granules India is investing Rs 400 crore to set up a finished dosages unit while Laurus Labs is investing Rs 300 crore for a formulations manufacturing facility.
Granules India, a Hyderabad-based pharmaceutical company, will be making a major investment of Rs 400 crores to set up a manufacturing facility with a capacity to make 10 billion units of finished dosages. The proposed unit will generate employment to about 1,600 people.
Granules India already has manufacturing sites in eight locations and presence in 75 countries across the globe. The company already operates the world’s largest commercial Pharmaceutical Formulation Intermediates (PFI) Facility at Gagillapur near Hyderabad.
Krishna Prasad Chigurupati, CMD of Granules India met IT & Industries Minister KT Rama Rao at Pragathi Bhavan today to formally make this announcement.
Similarly, Laurus Labs, a research-driven pharmaceutical manufacturing company will be setting up a formulation facility with a capacity of 5 billion units. The company plans to invest Rs 300 crores in two phases of Rs 150 crores each. Phase 1 of the plant is expected to provide employment to about 150 People.
Satyanarayana Chava, CEO, Laurus Labs, met the Industries Minister along with his team before making this announcement. Industries Department principal secretary Jayesh Ranjan was also present in the meeting.
Laurus Labs has its R&D facility in IKP Knowledge Park, Hyderabad and also operates six manufacturing units in Visakhapatnam. All these facilities have been certified and approved by WHO, USFDA, NIP Hungary, and other renowned agencies. Laurus manufactures bulk drugs for anti-retroviral (ARV), oncology, cardio-vascular, anti-diabetics, anti-asthma and gastroenterology.
KTR thanked the leadership of both Granules India and Laurus Labs for choosing to invest in Telangana.
He stated that the Telangana government will provide all possible support to both these companies and the proactive policies of the State government, under the leadership of CM K Chandrashekar Rao are attracting global leaders in IT, Pharma, Textiles, Aerospace and Defence and other sectors to Hyderabad and other parts of Telangana.
The Minister expressed confidence that these investments into the manufacturing sector will provide the needed employment to local youth from Telangana.
Source : telanganatoday