Hyderabad: Telangana IT and Industries Minister KTR held a meeting with the heads of Chemveda Life Sciences in San Diego, the USA, on Monday and the company has announced to invest Rs 150 crore to start its Research & Development centre in Hyderabad.
On the first day of its official tour in the United States of America, the Telangana delegation successfully struck a significant investment deal for the state. The announcement of Chemveda investing to expand its operations in Telangana further came after Minister KTR meeting the company heads in San Diego, according to the press release.
Chemveda Life Sciences is a Hyderabad & San Diego mid-sized contract research organization. The company provides services to the pharmaceutical, biotechnology, agrochemical and industries.
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KTR said that the city of Hyderabad is an attractive investment destination for pharma life sciences not only in the country but also internationally. The Minister thanked the pharma company for its decision to expand its operations in Telangana.
The Minister expressed delight over setting up a Research & Development Center exclusively for the human resources in the Pharma Life Sciences Ecosystem in Hyderabad. The government has promised full support to the company's operations, according to the release.
KTR said "I am pleased to see the industry benefiting from Hyderabad's active research ecosystem, progressive government policies, and immense talent pool. We will continue to support the state's R&D projects."
Bheema Rao Paracelli, President and CEO of Chemveda Life Sciences, said, "Hyderabad is one of the most popular global locations for pharmaceutical and biotechnology companies looking for contract research support. We consider ourselves fortunate to be a part of one of the most cost-effective and broad ecosystems for life sciences research and development."
He said that the world-class research and development centre would be set up on about 2 lakh square feet. He added that they would further expand their company in the future.
KTR Visited Scripps Research Campus in the US
IT Minister KTR proposed Scripps Institute to be a part of the Pharma University set up at the Hyderabad Pharmacy City, reported ABP Desam. KTR reportedly requested that Scripps provide its involvement in curriculum design, teaching staff, student exchange, joint research, and the design of joint degree programs.
On Monday, Minister KTR, touring San Diego as part of a US tour, met with Scripps board member Dr James Williamson, EVP Research and Academic Affairs, Ms Mary Wang, Director, Strategic Planning, Dr Arnab Chatterjee, Professor Sumit Chandala.