Dr Reddy's, Aurobindo Pharma, 4 Others Ink MoUs for Rs 5,260 Crore Pharma City Investment
The companies have committed to invest over Rs 5,260 crore, which is expected to create 12,490 job opportunities in the pharma sector
New Delhi: Six prominent pharmaceutical companies, including Dr Reddy's Laboratories, Aurobindo Pharma, and Hetero Labs, have signed memorandums of understanding (MoUs) with the Telangana government to set up facilities in the Pharma City near here, the government announced on Friday.
The companies have committed to invest over Rs 5,260 crore, which is expected to create 12,490 job opportunities in the pharma sector, according to an official release.
Representatives from the companies met with Chief Minister A Revanth Reddy and Industries Minister D Sridhar Babu at the Secretariat to finalise the agreements.
"The pharma company managements signed MoUs to establish the industries. The six companies expressed their interest to invest more than Rs 5260 crore. The investments will provide 12,490 job opportunities in the pharma sector. The government will allocate land for the establishment of the new pharma manufacturing units in the recognised pharma city,” the release said.
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According to the MoUs, MSN Laboratories will establish a manufacturing unit and an R&D center, Laurus Labs and Aurobindo Pharma will set up separate formulation units, and Gland Pharma will open an R&D center along with injectables and drug substance manufacturing units.
Dr Reddy's Labs will build an injectable and biosimilars unit, while Hetero Labs will establish a finished dose and injectable manufacturing plant, the release added.
The Chief Minister instructed officials to allocate land for the new facilities and ensure the necessary infrastructure is provided in the Pharma City, with construction work to begin within the next four months.
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