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Piramal Group to invest `500 cr in Telangana
Minister KTR clinches the deal on day 2 of his Davos trip
Hyderabad: Diversified business conglomerate Piramal Group, which is into pharma, healthcare and others, on Wednesday its plans to invest Rs 500 crore on expansion of its production facilities and the creation of new manufacturing blocks
On day two of Davos trip, the Telangana delegation headed by Industries Minister KT Rama Rao clinched the major deal. After a series of deliberations at the Telangana Pavilion in Davos, the Piramal Group has agreed to invest an amount of Rs 500 crores over the next three years in the state.
The proposed investment is expected to increase production capacities with creation of new manufacturing blocks, warehouse expansion, and utility augmentation.
Minister KTR welcomed the decision of Piramal Pharma to expand their operations in the state and assured that the government will provide necessary assistance to the group.
Piramal Pharma is also keen on adding capacities through acquisitions in and around Hyderabad, Telangana region with an aim to support API manufacturing, run CSR activities in the areas of primary healthcare (Piramal Swasthya) & safe drinking water (Piramal Sarvajal). In addition, the Piramal Group plans to shift their plant from other states to new location in Hyderabad in order to take advantage of the ease of business in the State.
Besides, the company's expansion in the healthcare sector in Hyderabad will employ over 500 people at an additional revenue of up to Rs 500 crore. It will be amongst the best facilities globally engaged in manufacturing life-saving medicines.
Piramal Pharma presently has a manufacturing facility in Telangana, a cGMP API manufacturing facility approved by various Regulatory agencies across the globe including USFDA & EU. It comprises three units with multiple production blocks having a total reactor volume exceeding 1,000 kilolitres. It's fully functional zero discharge facility meeting all environmental norms manufacturing close to 2000 MT of finished goods
At present, the group employs close to 1,400 people in Telangana. This number will increase post the expansion.
