Granules, Laurus to invest Rs 700 crore in Telangana
Hyderabad-based pharma firms to set up 2 new units
Hyderabad: Two renowned pharma companies, Granules India and Laurus Labs, have announced their major investment plans worth over Rs700 crore for setting up two new units in Genome Valley near Hyderabad, Telangana. The latest investment plans will further endorse Brand Hyderabad, said Telangana Industry and IT Minister KT Rama Rao.
The Minister thanked the leadership of both Granules India and Laurus Labs for choosing to invest in Telangana and said that the Telangana State government will provide all possible support to both these companies.
KTR further added that "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. These investments into the manufacturing sector will provide the much needed employment to local youth from Telangana."
City-based Granules India has decided to invest Rs 400 crore to set up a manufacturing facility with a capacity to manufacture 10 billion units of finished dosages. The proposed unit will generate employment to about 1,600 people. Krishna Prasad Chigurupati, CMD of Granules India, met the Minister KT Rama Rao here on Tuesday and made the announcement.
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.
In a related development, Laurus Labs, a leading research driven pharmaceutical manufacturing company, has announced setting up of a formulation facility with a capacity of 5 billion units. The company plans to invest Rs 300 crore in two phases of Rs 150 cr each. Phase-1 of the plant is expected to provide employment to about 150 people.
Satyanarayana Chava, CEO, Laurus Labs, along with his team met KTR, before making this announcement. Industries Department Principal Secretary Jayesh Ranjan was also present in the meeting.
Laurus Labs has its R&D acility in IKP Knowledge Park, Hyderabad, and also operates six manufacturing facilities in Visakhapatnam, Andhra Pradesh.