Day one of Davos trip, KTR brings over Rs 600 crore investments for Telangana
Hyderabad: On day one of the World Economic Forum (WEF) meetings in Davos, Industries Minister KT Rama Rao brought in over Rs. 600 crore investments into Telangana. While, the LuLu Group has announced Rs. 500 crore investments in the food processing sector, Spain’s Chemo Pharma declared Rs 100 crore investment for expanding its unit in […]
Hyderabad: On day one of the World Economic Forum (WEF) meetings in Davos, Industries Minister KT Rama Rao brought in over Rs. 600 crore investments into Telangana. While, the LuLu Group has announced Rs. 500 crore investments in the food processing sector, Spain’s Chemo Pharma declared Rs 100 crore investment for expanding its unit in Hyderabad over the next two years. Zurich-based Swiss Re has also said it will be establishing its unit in Hyderabad in August this year.
LuLu Group’s announcement was made after Industries Minister KT Rama Rao met with the Group Chairman and Managing Director MA Yusuff Ali during the WEF meeting on Monday. Soon after the group’s announcement, the Minister handed over the permission letters from Telangana Government to set up its food processing unit in the State. “We are also working on setting up one more food processing unit in Telangana. An official announcement will be made shortly,” MA Yusuff Ali said to the Minister.
Foundation for these units would be laid shortly and they would be involved in export of food processing products from Telangana to Europe and other countries, he said. In addition to food processing sector, the LuLu Group was also keen in investing hugely in the construction sector, especially commercial complexes. The company has already identified a few locations and was in talks with a few managements constructing commercial complexes, LuLu Group Chairman and Managing Director MA Yusuff Ali said adding “The target is to construct a mega shopping mall in Hyderabad with international standards.,”
In reply, KT Rama Rao said Hyderabad was one among the fastest developing cities and expressed happiness over LuLu Group’s investment in the city. Telangana Government was working on promotion of agri-based and agri allied sector products through different food processing units. LuLu Group’s investment would further boost the State Government’s efforts in this regard, he said.
After LuLu Group, Spain-based Chemo Pharma announced Rs.100 crore investments in expansion of its existing unit in Hyderabad for production of pharmaceutical finished dosage forms. Last year, the company had established additional Quality Check and Stability Labs at their existing facility at Genome Valley. The company is also planning to initiate a new Active Pharmaceutical Ingredient and R&D Centre in Hyderabad along with continuing new product development activities in solids and injectable in Hyderabad. KT Rama Rao met Chemo Group R&D Director (Pharmaceuticals Generics Business) Dr. Jean Daniel Bonny during WEF.
In 2018, Chemo India Formulation started its operations at Genome Valley, Hyderabad. Since then, the company has invested around Rs. 170 crores so far, besides employment to nearly 270 people. During his meeting with KT Rama Rao, Dr. Jean said the company had taken up around 25 new development projects in solids and 12 new development projects in injectables.
KT Rama Rao said that “I am 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.”
Earlier in the day, the Minister said Swiss Re will be establishing its unit in Hyderabad in August this year. This will be new addition to the Banking, Financial Services and Insurance sector in the city. Sharing these details on twitter, the Industries Minister tweeted “Happy to announce a big addition to Hyderabad BFSI ecosystem. Swiss Re is a 160 year old insurance organisation, headquartered in Zurich, Switzerland and operates in 80 locations globally.”
The Minister further tweeted “Swiss Re’s Hyderabad center will start with an initial headcount of 250 and will be focusing on data & digital capabilities, product modeling, and risk management.”
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