On the first day of the World Economic Forum (WEF) summit in Davos, Switzerland, many companies have come forward to invest in Telangana, with the Lulu Group announcing to invest Rs 500 crore, while Spain’s Chemo Pharma announced Rs 100 crore. to invest in their Hyderabad location expansion over the next two years.
Telangana Minister of IT and Industry KT Rama Rao, who leads the Telangana delegation to WEF-2022, held a series of meetings with various industry leaders at the Telangana Pavilion and many companies have volunteered to invest in Telangana after their meetings with the minister , an official release said here on Monday.
Lulu Group would start their food processing business in Telangana with an investment of Rs 500 crore, it said.
The investment was announced during a meeting between Rama Rao, popularly known as KTR, and company chief Yusuf Ali in Davos.
On behalf of the government of Telangana, KTR handed over the necessary authorization documents to Yusuf Ali for the food processing unit to be established by the company.
Yusuf Ali said that in addition to this investment, they also have plans to establish another unit in the food processing sector and that an official announcement will be made soon.
He said they would soon be laying the foundation stone for their food processing units. The company’s unit would export food processing products from Telangana, it said.
Yusuf Ali further said that the Lulu group would invest more in the construction of large-scale commercial complexes in Telangana state.
Expressing its delight at Lulu Group’s investment decision, KTR said that the Telangana government was working to create demand for agricultural products and related agricultural products through food processing units.
Setting up an international-level food processing unit by the Lulu Group would contribute to this, he said.
Chemo Pharma announced an investment of Rs 100 crore in creating a second line in their Hyderabad manufacturing area for the production of pharmaceutical finished dosage forms.
The company also plans to start a new active pharmaceutical ingredient and R&D center in Hyderabad, along with continuing new product development activities in solids and injectables in Genome Valley here, the release said.
The announcement was made after Rama Rao’s meeting with Chemo Group leadership – Jean Daniel Bonny, R&D Director – Pharmaceuticals Generics Business at the World Economic Forum, Davos.
Rama Rao said: “I am delighted that Chemo, a leading pharmaceutical company, continues to grow from Hyderabad. This is indeed a testament to the life sciences ecosystem in the city and Genome Valley.” Swiss Re, headquartered in Zurich, said it would establish an office in Hyderabad in August this year.
KTR also welcomed Swiss Re for establishing its unit in Hyderabad. Swiss Re is a 160-year-old insurance organization operating in 80 locations worldwide.
Swiss Re’s Hyderabad center would start with an initial workforce of 250 and focus on data and digital capabilities, product modeling and risk management, the release said. Veronica Scotti, Group, Managing Director and Ivo Menzinger, MD, Public Sector Solutions, Swiss Re, met Rama Rao and the Telangana delegation at the Telangana Pavilion today.
Meanwhile, during a panel discussion on ‘Telangana Life Sciences Industry’s Vision For 2030’ in Davos, Rama Rao said India’s life sciences sector needs revolutionary reforms to empower the sector and compete with the world.
India needs a favorable regulatory framework in the life sciences sector, he stressed.
He stressed that Telangana is known as the ‘Vaccine Capital of the World’ and Life Sciences Capital of India’ and said the Hyderabad Pharma City, spread over 19,000 hectares, would be the world’s largest pharmaceutical cluster.
Rama Rao further said that innovation in the life sciences sector is the need of the hour. He added that the digital drug discovery sector is growing rapidly and the IT and pharmaceutical sectors need to work together and collaborate.
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