Many companies have come forward to invest in Telangana on the first day of the World Economic Forum (WEF) Summit in Davos, Switzerland, with Lulu Group announcing a 500 crore investment and Chemo Pharma of Spain promoting a 100 crore investment in their Hyderabad site expansion over the next two years.
Telangana IT and Industries Minister KT Rama Rao, who is leading the Telangana delegation to the World Economic Forum in 2022, held a series of meetings with various industry leaders at the Telangana pavilion according to an official release. Many companies have expressed interest in investing in Telangana due to their meetings with the Minister.
It was announced that the Lulu Group would begin operations in the food processing industry in Telangana with a 500 crore investment.
The investment was disclosed at Davos following a meeting between Rama Rao, also known as KTR, and Yusuf Ali, the company’s CEO.
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KTR presented Yusuf Ali with the relevant clearance paperwork for the company’s food processing plant on behalf of the Telangana government.
Yusuf Ali said that in addition to this investment, they have plans to open another food manufacturing plant and that an official announcement would be made shortly.
He said that the foundation stone for their food processing plants would be laid soon. According to the corporation, Telangana will export food processing items.
Yusuf Ali further said that the Lulu group would increase its investment in large-scale commercial complexes in Telangana.
KTR expressed his delight at Lulu Group’s investment decision and said that the Telangana government was trying to create a food processing plants market for agriculture and agricultural allied goods.
He believes that the Lulu Group’s establishment of an international food manufacturing business will benefit this objective.
Chemo Pharma has announced a 100 crore investment in constructing a second line at their Hyderabad manufacturing facility to manufacture pharmaceutical finished dosage forms.
According to the announcement, the business plans to open a new active pharmaceutical ingredient and R&D centre in Hyderabad and continue recent product development efforts in solids and injectables in Genome Valley.
After meeting with Chemo Group’s leadership, Rama Rao announced, including Jean-Daniel Bonny, R&D Director for Pharmaceuticals Generics Business, during the World Economic Forum in Davos.
According to Rama Rao, “I am pleased to see Chemo, a major pharmaceutical business, expanding its operations in Hyderabad. This is a true tribute to the city’s and Genome Valley’s life sciences ecosystems.” Swiss Re, based in Zurich, announced in August that it would open an office in Hyderabad.
KTR also hailed Swiss Re for opening a branch in Hyderabad. Swiss Re is a 160-year-old insurance company with 80 offices across the world.
According to the press announcement, the Swiss Re’s Hyderabad office will open with 250 employees and concentrate on data and digital skills, product modelling, and risk management.
At the Telangana pavilion today, Veronica Scotti, Group Managing Director, and Ivo Menzinger, MD, Public Sector Solutions, Swiss Re, met Rama Rao and the Telangana team.
Meanwhile, Rama Rao said the life sciences industry in India requires revolutionary changes to strengthen the sector and compete with the rest of the world at a panel discussion on ‘Telangana Life Sciences Industry’s Vision For 2030’ in Davos.
He emphasized that India’s biosciences industry needs a favourable regulatory environment.
He stated Telangana is recognized as the “Vaccine Capital of the World” and “India’s Life Sciences Capital,” The Hyderabad Pharma City, which spans 19,000 acres, would be the world’s biggest pharma cluster.
Rama Rao went on to say that innovation in the life sciences industry is critical. He went on to say that the digital drug discovery arena is rapidly expanding and that the IT and pharma industries need to collaborate.
