HYDERABAD: The US tour of the Telangana delegation, led by IT & Industries Minister KT Rama Rao, started on a positive note as a major investment deal was sealed on Monday. After a meeting with the representatives of Chemveda Life Sciences in San Diego, Rama Rao announced that the fast-growing solution provider to the pharmaceutical and biotechnology industries has decided to invest Rs 150 crore in Hyderabad as part of their expansion plans.
Chemveda Life Sciences, a Hyderabad and San Diego headquartered, provides solutions to agrochemical industries and academia.With two R&D sites, an area of over 65,000 sq ft and a manufacturing facility spread over eight acres, Chemveda Life Sciences has expanded from 45 employees in 2017 to over 450 employees. The company saw a lot of growth opportunities in Hyderabad due to the growing life sciences industry.
The company will now invest an additional Rs 150 crore (around $20 million) to add a state-of-the-art R&D centre in Hyderabad with around 2,00,000 sqft space, creating additional employment to 500 scientists. It has already received a Rs 90 crore funding and committed to an additional funding of Rs 60 crore.
“Hyderabad has become the most sought out destination for life sciences companies to establish their R&D centres and I am extremely happy to see companies like Chemveda Life Sciences scale their footprint in Hyderabad. I am delighted to see the industry benefiting from the active research ecosystem, progressive government policies, abundant talent pool in Hyderabad and we will continue to boost the R&D initiatives further,” Rama Rao said.