Piramal group to invest Rs 500 crore in Telangana

By: |
Published: January 23, 2020 4:07:50 AM

The investment is expected to be made for new manufacturing units, warehouses and utility expansion.

Piramal Group, Telangana, KT Rama Rao, World Economic Forum, WEF, Davos, Piramal Pharma, Hyderabad, API manufacturing, Primary healthcare, Piramal Swasthya, Piramal Sarvajal, Digwal , CGMP, active pharmaceutical ingredients, API, USFDA, EU, Isoflurane, Diltiazem, Mebeverine, Ketoconazole Piramal Pharma is also keen on adding capacities through acquisitions in and around Hyderabad.

The Piramal Group has agreed to invest Rs 500 crore in Telangana over the next three years. The investment is expected to be made for new manufacturing units, warehouses and utility expansion. The Telangana delegation, headed by industries minister KT Rama Rao, clinched the deal with Piramal Group at the World Economic Forum (WEF) in Davos.

“After a series of deliberations at the Telangana pavilion in Davos, the Piramal Group has agreed to invest Rs 500 crore 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,’’ a statement from the government said.

Piramal Pharma is also keen on adding capacities through acquisitions in and around Hyderabad, with an aim to support API manufacturing, run CSR activities in the areas of primary healthcare (Piramal Swasthya) and safe drinking water (Piramal Sarvajal) in and around Digwal village.

In addition, the group plans to shift their plant from other states to a 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 Hyderabad will employ over 500 people with an additional revenue of upto Rs 500 crore. The Piramal leadership team plans to visit the new site early next month.

Piramal Pharma presently has a manufacturing facility in Telangana, CGMP active pharmaceutical ingredients (API) manufacturing facility approved by various regulatory agencies including USFDA and EU. It comprises three units with multiple production blocks, having a total reactor volume exceeding 1000 KL. Its 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-odd countries worldwide.

At present, Piramal employs close to 1,400 people including staff and contract workmen employed at site with plans to add another 600 jobs by FY23 to support the expansion. In addition, close to 300 indirect manpower, are engaged with the facility on a regular basis through various service contracts.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1PM Modi’s flagship Ujjwala scheme inspires Ghana! To implement LPG promotion policy with India’s help
2Finance Ministry allows 3 last dates for filing GSTR-3B for different categories of taxpayers
3US-China trade war: After phase 1 deal, this lies ahead for India