27.9 C
New York
Monday, July 4, 2022

Firms unveil investment plans for TS at WEF Davos- Mrit News

- Advertisement -

The Abu Dhabi-based conglomerate Lulu Group and Spain’s Chemo Pharma announced investment plans for Telangana following meetings with Industries and IT Minister K.T. Rama Rao at the World Economic Forum in Davos.

The Lulu Group will invest ₹ 500 crore in the food processing sector, Mr. Rao’s office said in a release after CMD of the Group M.A. Yusuf Ali met the Minister. The Minister, who handed over necessary permission documents, on behalf of the State government, for the unit tweeted that the firm will create a world class food processing facility entirely directed for exports. The facility will have backward linkages and provide a remunerative market for farmers in the State involved in horticulture and Livestock rearing.

Mr. Ali said the group also has plans to set up another food processing unit and will make an announcement on that soon. The group would also be investing more in construction of large-scale commercial complexes in the State. “We have already selected several areas in Hyderabad city and are in talks with the property owners. Our aim is to build a shopping mall of international standards in Hyderabad,” he said.

The Chemo Pharma, focused on research, development and manufacturing of a broad variety of active pharmaceutical ingredients (APIs) and a full range of Finished Dosage Forms (FDFs) for both human and veterinary use, said it will invest ₹ 100 crore on second line at their production facility in Hyderabad. The proposed line will be for production of pharmaceutical finished dosage forms.

In 2021, the company established additional QC and stability labs at the facility here. It also plans to initiate a new API and R&D Centre here along with continuing new product development activities in solids and injectable in Genome Valley, the Minister’s office said after the leadership of Chemo met Mr. Rao in Davos. “Delighted that Chemo, a leading pharmaceutical company, is continuing to grow from Hyderabad. This is indeed a testament to the life sciences ecosystem in the city and Genome Valley”, the Minister said.

In another development, e-commerce firm Meesho said it will set up a facility in Hyderabad. The firm will be working with the State government to onboard retail sellers in Tier-II towns. In doing so, it will utilise the Tier-II IT hubs across Telangana along with various platforms such as @TSATnetwork and @taskts, the Minister tweeted.

Participating in a panel discussion on Telangana Lifesciences Vision for 2030, Mr.Rao emphasised the need for India to have revolutionary reforms and a conducive regulatory framework to accelerate the growth of the Lifesciences sector. He highlighted initiatives of the State government for the sector, including the proposed Hyderabad Pharma City.

- Advertisement -

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles