Chemveda to invest Rs 150 crore in Telangana
Plans to set up state-of-the-art R&D center in Hyd
Hyderabad: On the first day of the official tour in the United States of America, the Telangana delegation was successful in striking a major investment deal for the State. The Telangana delegation, led by IT and Industries Minister K Tarakarama Rao, held a fruitful meeting with the heads of Chemveda Life Sciences in San Diego, USA on Monday. After the meeting, the firm announced an investment of Rs 150 crore for the expansion of its footprint in Hyderabad. Chemveda Life Sciences is a Hyderabad & San Diego headquartered mid-sized contract research organization providing solutions to the pharmaceutical, biotechnology, agrochemical industries and academia.
In the last 5 years, with two R&D sites, an area of over 65,000 sq ft and a manufacturing facility spread over 8 acres, Chemveda Life Sciences has expanded from 45 employees in 2017 to over 450 employees. The company saw a lot of growth opportunities further in Hyderabad because of the growing life sciences industry in the State.
Chemveda Life Sciences will invest an additional Rs 150 crore to add a state-of-the-art R&D center in Hyderabad with around 200,000 sq ft, creating an additional employment for 500 scientists.
They have already received a funding of Rs 90 crore and another Rs 60 crore is committed funding. The company announced that it will add a GMP facility with a 200 KL capacity.
Chemveda is also validating some of the game-changing scientific platforms and technologies developed at the Scripps Research Institute (one of the top institutes in the world for innovation), which will allow pharma and biotech companies to make molecules much simpler and faster than the conventional methods.
KTR said "Hyderabad has become the most sought-after destination for life sciences companies to establish their R&D centers and I am extremely happy to see companies like Chemveda Life Sciences scale their footprint in Hyderabad. I am delighted to see the industry benefiting from the active research ecosystem, progressive government policies, abundant talent pool, in Hyderabad and we will continue to boost the R&D initiatives in the State further."
"We feel privileged to be a part of one of the most cost-competitive and extensive ecosystems to run life sciences R&D," said Dr Bheema Rao Paraselli, president & CEO of Chemveda. "Our vision to be a smart market challenger is not only supported by our Indian and Western-trained scientists, but also by thought leaders like Prof K C Nicolaou, Prof Phil S Baran and Prof Jin-Quan Yu at the Scripps Research Institute," he added.
Jayesh Ranjan, Principal Secretary, Industries and Commerce Dept and Shakthi M Nagappan, Director Life Sciences, Government of Telangana were also present during the meeting.