Industry

Pharma firms Granules and Laurus Labs to invest ₹700 crore in Telangana

Their decision is a resounding endorsement of Brand Hyderabad, Industries Minister K.T. Rama Rao said.  

Pharma companies Granules India and Laurus Labs will be investing ₹400 crore and ₹300 crore respectively to set up new manufacturing facilities in Genome Valley, Hyderabad.

A release from the office of Telangana Industries and IT Minister K.T.Rama Rao said the top leadership of the two companies met the Minister on Tuesday and made the announcement. Their decision is a resounding endorsement of Brand Hyderabad, it said.

Granules India will be investing ₹400 crore to set up a manufacturing facility with a capacity to manufacture 10 billion units of Finished Dosages (FDs). The proposed unit will generate employment for about 1,600 persons.

The Hyderabad-based company had manufacturing facilities in eight locations and presence in 75 countries across the globe. It already operates the world's largest commercial Pharmaceutical Formulation Intermediates (PFI) facility at Gagillapur, near Hyderabad. Stating this, the release said Chairman and Managing Director Krishna Prasad Chigurupati met the Minister at Pragathi Bhavan.

Similarly, Laurus Labs CEO Satyanarayana Chava also met Mr.Rao and announced that the company will be setting up a Formulation facility with a capacity of 5 billion units. The company plans to invest ₹300 crore in two phases of ₹150 crore each. In the first phase the plant is expected to provide employment to about 150 persons.

One of the leading manufacturers of API (active pharmaceutical ingredients) for anti-retroviral (ARV), oncology, cardio-vascular, anti-diabetics, anti-asthma and gastroenterology products, Laurus Labs has its research and development facility in IKP Knowledge Park, Hyderabad. It operates six manufacturing facilities in Visakhapatnam, Andhra Pradesh.

Thanking the leadership of the companies for choosing to invest in Telangana, the Minister said the State government will provide all possible support to the firms. He said the proactive policies of the State government, under the leadership of Chief Minister K.Chandrashekar Rao, are attracting global leaders in IT, pharma, textiles, aerospace and defence and other sectors to Hyderabad and other parts of Telangana.

Mr.Rao expressed confidence that such investments in the manufacturing sector will provide the much needed employment to local youth from Telangana, the release said.

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Printable version | Dec 2, 2020 7:13:22 AM | https://www.thehindu.com/business/Industry/pharma-firms-granules-and-laurus-labs-to-invest-700-crore-in-telangana/article32954226.ece

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