Hyderabad: On day two of Davos trip, the Telangana delegation headed by Industries Minister KTR clinched a major deal with major business conglomerate Piramal Group.
After a series of deliberations at the Telangana Pavilion in Davos, the Piramal Group has agreed to invest an amount of Rs 500 Crores over the next three years in the state.
The proposed investment is expected to increase production capacities with creation of new manufacturing blocks, warehouse expansion, and Utility augmentation etc.
Minister KTR welcomed the decision of Piramal Pharma to expand their operations in the state and assured that the government will provide necessary assistance to the group.
Piramal Pharma is also keen on adding capacities through acquisitions in and around Hyderabad, Telangana region with an aim to support API manufacturing, run CSR activities in the areas of Primary Healthcare (Piramal Swasthya) & Safe Drinking Water (Piramal Sarvajal) in and around Digwal village.
In addition, the Piramal Group plans to shift their plant from other states to new location in Hyderabad in order to take advantage of the ease of business without roadblocks offered by the Telangana State Government.
This proposed expansion in the healthcare sector in Hyderabad will employ over 500 people at additional revenue of up to Rs 500 Crore. It shall be amongst the best facilities globally engaged in manufacturing life saving medicines. The Piramal leadership team plans to visit the new site early next month.
Piramal Pharma presently has a manufacturing facility in Telangana, cGMP API manufacturing facility approved by various Regulatory agencies across the globe including USFDA & EU
It comprises 3 units with multiple production blocks having a total reactor volume exceeding 1000 KL. It’s fully functional Zero Discharge facility meeting all environmental norms manufacturing close to 2000 MT of Finished goods including leading APIs like Isoflurane, Diltiazem, Mebeverine, Ketoconazole with exports to 60+ countries worldwide.
Presently Piramal employs close to 1400 people including staff and contract workmen employed at Site with plans to add another 600 jobs by FY 23 to support the expansion. In addition, close to 300 indirect manpower engaged with the facility on a regular basis through various service contracts. (INN)