Piramal Group to invest Rs 500 crore in pharma operations in Telangana

Piramal Group would invest Rs 500 crore over a period of three in years in Telangana for its pharma manufacturing expansion, among other things. The announcement was made by Telangana government following a meeting between Piramal group chairman Ajay Piraml and state IT and Industries Minister K T Rama Rao at Davos.

The minister has been meeting CEOs of various companies, both domestic and international, at the ongoing World Economic Summit. After a series of deliberations at the Telangana Pavilion in Davos, the Piramal group has committed the investment.

The proposed investment would be uitilsed to increase production capacities with creation of new manufacturing blocks, warehouse expansion and utility augmentation. Piramal Pharma currently has a manufacturing facility comprising of 3 units multiple production blocks with a total reactor volume exceeding 1,000 kilo liters.

"Piramal Group is also keen on adding capacities through acquisitions in and around Hyderabad with an aim to increase active pharmaceutical ingredient(API) manufacturing. In addition, the group plans to shift their pharmaceutical manufacturing operations from other states to a new location in Hyderabad in order to take advantage of ease of business without roadblocks offered by the Telangana government," a statement issued by the ministers office said.