Aragen Life Sciences on Wednesday announced plans to invest Rs 2000 crore in its existing plant here as part of expansion, which will create 1,500 new jobs.
A press release from the state government said the expansion is primarily targeted towards drug discovery, development and manufacturing activities for the global life sciences industry.
The announcement was made after Chief Minister Revanth Reddy’s meeting with Manni Kantipudi, whole time Director and CEO, Aragen Life Sciences at the ongoing World Economic Forum summit at Davos.
The expansion of Aragen Life Sciences has further solidified Hyderabad's status as a hub for CROs (Contract Research Organisations) in India as the city serves more than 1,000 innovators globally in their efforts to discover and develop new drugs and devices, it said.
Speaking after the meeting, Revanth Reddy said, “I'm delighted that Aragen Life Sciences, a global leader in pharma, has chosen massive investment plans in Hyderabad. This shows the new government’s resolve to building a next-level vibrant ecosystem, extraordinary infrastructure and showcasing our rich talent pool that can drive innovation to the works.”
Manni Kantipudi said, “We are excited about our five-year expansion plans and have decided to invest Rs 2,000 crore in Hyderabad, Telangana. Chief Minister Revanth Reddy garu’s leadership inspires confidence that Hyderabad will consolidate its undisputed national status as headquarters for CROs and CDMOs over the years.”