A foreign company announced to invest $20 million (Rs 150 crores) to set up an international standards research and development center in Hyderabad. To expand themselves in India, the San Diego-based Chemveda Life Sciences announced the investment on the 21st of March, Monday.
Notably, the announcement of the Chemveda Life Sciences company’s investment came after a meeting between Mr. K.T. Rama Rao, the Information Technology and Urban Development Minister of Telangana, and the representatives of the company. It is to be noted, Mr. K.T. Rama Rao is on a 10-day tour to the United States of America, to attract investment for the Telugu State.
After the announcement, Mr. Rama Rao said, “Hyderabad has become the most sought-after destination for life sciences companies to establish their research and development centers. I am extremely happy to see companies like Chemveda scale their footprint in Hyderabad. I am delighted to see the industry benefiting from the active research ecosystem, progressive governmental policies, abundant talent pool, in Hyderabad and we will continue to boost the R&D initiatives in the State further.”
According to sources, the newly expanded company would complement the life science and pharmaceuticals, and allied segments in Hyderabad. Furthermore, the decision to choose Hyderabad as the expansion location was due to the presence of related ecosystems in Hyderabad.
The company’s President and Chief Executive Officer (CEO) Dr. Bheema Rao Paraselli said the company decided to invest further in Telangana, considering its industry-friendly policies and growth of opportunities due to the growing life sciences industry.
Meanwhile, the expected center would be about 2,00,000 sq ft and create employment for about 500 scientists. As of now, the Telangana Government already received funding of Rs. 90 crores and the remaining fund’s worth Rs. 60 crores, would be released later. In addition, the company also announced plans to add a good manufacturing practice (GMP) facility with a 200 kiloliter capacity.
KTR, who started his tour from Los Angeles, on the 20th of March, is expected to tour the U.S.A., cities like New York and others, to attract investment for Telangana. Mr. Rama Rao is accompanied by a Telangana Rashtra Samithi (TRS) delegation.
Stay tuned for further updates.
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