Granules India and Laurus Labs are setting up new production facilities for finished dosages and formulations in Hyderabad.
Hyderabad, India's life sciences centre, has drawn two important Genome Valley investments. In order to build a finished dosage plant, Granules India is investing Rs 400 crore while Laurus Labs is investing Rs 300 crore for a manufacturing facility for formulations.
Hyderabad to Get Huge Investments
Granules India, a pharmaceutical company headquartered in Hyderabad, will make a huge investment of Rs 400 crores to set up a production facility with a capacity to manufacture 10 billion units of finished dosages. The proposed unit would create jobs for approximately 1,600 individuals.
Granules India has production facilities in eight locations and operates in 75 countries worldwide. In Gagillapur, near Hyderabad, the company already operates the world's largest commercial Pharmaceutical Formulation Intermediates (PFI) plant.
Krishna Prasad Chigurupati, CMD of Granules India, met at Pragathi Bhavan with IT & Industry Minister KT Rama Rao to formally make this announcement.
Famous Firms Investment Plans in Hyderabad
Similarly, Laurus Labs, a research-driven pharmaceutical manufacturing firm, will set up a 5 billion-unit formulation plant. In two phases of Rs 150 crores each, the company plans to spend Rs 300 crores. Phase 1 of the plant is projected to provide around 150 people with jobs.
Before making this announcement, Satyanarayana Chava, CEO of Laurus Labs, met the Minister of Industries along with his team. Principal Secretary Jayesh Ranjan of the Department of Industries was also present at the meeting.
In IKP Knowledge Park, Hyderabad, Laurus Labs has its R&D facility and also operates six manufacturing units in Visakhapatnam. WHO, USFDA, NIP Hungary, and other renowned agencies have authorized and approved all these facilities. Laurus develops anti-retroviral (ARV), oncology, cardiovascular, anti-diabetics, anti-asthma and gastroenterology bulk medications.
KTR welcomed both Granules India and Laurus Labs' leadership for choosing to invest in Telangana.
Telangana Government will provide all possible support to both these companies and the State Government's constructive policies, attracting global leaders in IT, Pharma, Textiles, Aerospace and Defence and other sectors to Hyderabad and other parts of Telangana.
The Minister mentioned that these investments in the manufacturing sector would provide local youths from Telangana with requisite jobs.