Piramal Group to invest Rs 500 cr in Telangana

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, a release 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,” it said.

“The proposed investment is expected to increase production capacities with creation of new manufacturing blocks, warehouse expansion, and Utility augmentation etc,” it added.

KTR assured that the government will provide necessary assistance to the group, the release said.

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

“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,” it said

“The Piramal leadership team plans to visit the new site early next month,” it added.