Advent International to invest Rs.16,650 crore in Telangana
This investment reflects the growing confidence of companies in the life sciences sector in Telangana.
Hyderabad: Advent International, one of the largest global private equity firms, has selected Hyderabad as its headquarters for its Cohance Platform with whopping investment of nearly Rs.16,650 crore.
This investment reflects the growing confidence of companies in the life sciences sector in Telangana.
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Industries Minister KT Rama Rao on Friday tweeted “Ecstatic to share that the leading global private equity firm, Advent International has chosen Hyderabad as the headquarters for its “Cohance platform,” with a cumulative whopping investment of USD 2 Billion (approx Rs. 16650 Crores),”
The Minister met Pankaj Patwari, Managing Director, and Vaidheesh Annaswamy, Operating Partner, to discuss their investment and the ambitious growth plans.
Sharing details of the meeting, the Minister further tweeted “I’m delighted that the company will be establishing a greenfield R&D lab in Hyderabad, underlining the city’s significance in the pharmaceutical sector. Their aggressive growth plans is a testament to Hyderabad’s growing influence in Pharma & Life Sciences sector,”
The Telangana government has set an ambitious target of increasing the life sciences ecosystem in the State to $250 billion in value by 2030 from the current $80 billion.
The Minister exuded confidence that Advent would continue to thrive in Telangana, and assured to extend unwavering support to the industry partners in their growth endeavours. Eom
