Piramal Group to invest Rs 500 crore in Telangana for facilities

By: |
Hyderabad | Published: January 22, 2020 3:59 PM

Minister for Industries and IT KT Rama Rao who is currently in Davos attending the annual meeting of World Economic Forum met Piramal Group chairman Ajay Piramal on Tuesday, it said.

Piramal Group, piramal, Telangana, KT Rama Rao, world economic forum, WEF 2020, davos 2020, Ajay PiramalPiramal Group chairman Ajay Piramal (Reuters)

Healthcare major Piramal Group has agreed to invest Rs 500 crore over the next three years in Telangana for setting up new facilities and warehousing expansion, an official release said on Wednesday. Minister for Industries and IT KT Rama Rao who is currently in Davos attending the annual meeting of World Economic Forum met Piramal Group chairman Ajay Piramal on Tuesday, it said.

“After a series of deliberations at the Telangana Pavilion in Davos, the Piramal Group has agreed to invest an amount of 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,” it said. 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, according to the release.

Piramal is also keen on adding capacities through acquisitions in and around Hyderabad, Telangana region with an aim to support active pharmaceutical ingredients (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 the state, it said. 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 government.

ALSO READ | GAIL to invest over Rs 45,000 cr to create infrastructure for gas-based economy

“This proposed expansion in the healthcare sector in Hyderabad will employ over 500 people at an additional revenue of up to Rs 500 crore. It shall be among the best facilities globally engaged in manufacturing life saving medicines. The Piramal leadership team plans to visit the new site early next month,” it added.

Piramal Pharma presently has a manufacturing facility in Telangana, cGMP API manufacturing facility approved by various regulatory agencies across the globe including USFDA and EU. Presently, Piramal employs close to 1,400 people including staff and contract workmen employed at the site with plans to add another 600 jobs by FY23 to support the expansion. In addition, close to 300 people will be indirectly engaged with the facility on a regular basis through various service contracts, the release added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Morgan Stanley, BofA lead deal making with nearly 50% market share in H1
2L&T Finance Holdings to raise up to Rs 2,000 cr to fund biz growth
3Warehousing, industrial space demand to be hit this year due to COVID-19: Experts