Lonza to invest Rs 250 cr in Genome Velley project

Swiss Pharma major Lonza AG, would invest around Rs 250 crore through its Indian subsidiary in a phased manner in Genome Valley project on the outskirts of the city, said Stefan Borgas, CEO, Lonza here today.

According to Borgas, the ground-breaking for the project, involving R&D facility in the first phase, is planned during Bio Asia- 2011 summit to be held in February next year.

"Land for the project was allotted by APIIC in June last year, in the Biotech Park, Phase-II. This re-affirms the faith of the Global Pharma industry in the quality of man-power available in India and the infrastructure created around Genome Valley," Borgas said during the keynote address at the CEOs Conclave organised  by Pharmexcil, today.

Andhra Chief Minister K Rosaiah complimented Lonza for investing in Genome Valley and assured full support to the Captains of Pharma industry in expanding their businesses.

The Chief Minister highlighted the initiatives taken by the Government to promote pharma industry in the state.

He said that a new cluster called ‘Medtech Valley’is coming up in Jawaharnagar near Genome Valley for Medical devices and equipment manufacturing industries.