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by IANS |
Hyderabad, Sep 29 (IANS) Advent International, one of the largest global private equity firms, has chosen Hyderabad as the headquarters for its Cohance Lifesciences and plans to invest $2 billion.
Telangana’s industry Minister K.T. Rama Rao revealed this on Friday. He posted on ‘X’ that he was ecstatic to share that the leading global private equity firm Advent International has chosen Hyderabad as the headquarters for its 'Cohance platform', with a cumulative whopping investment of USD 2 Billion (approx Rs 16,650 crore).
Last year, Advent International had announced the launch of Cohance Lifesciences, a new brand identity for its API and CDMO platform.
The minister said he had the opportunity to meet with Pankaj Patwari, Managing Director, and Vaidheesh Annaswamy, Operating Partner, to discuss their investment and the ambitious growth plans.
“I'm delighted that the company will be establishing a greenfield R&D lab in Hyderabad, underlining the city's significance in the pharmaceutical sector. Their aggressive growth plans are a testament to Hyderabad's growing influence in the Pharma & Life Sciences sector,” he said.
“I am confident that Advent will continue to thrive in Telangana, and we will continue to extend unwavering support to our industry partners in their growth endeavours,” he added.
KTR also welcomed a third investment from Welspun World group in Telangana in the form of Sintex BAPL Limited.
Sintex BAPL Ltd., a wholly owned subsidiary of Welspun Corp Ltd, is set to establish a water tanks and PVC pipes manufacturing unit with an investment of Rs 350 crore. The minister on Thursday laid the foundation stone for the unit that will create 1,000 jobs.
The minister thanked Welspun Group chairman Balkrishan Goenka for his commitment to invest Rs 5,000 crore in Telangana creating employment to 50,000 (directly and indirectly) in Chandanvelli region of Rangareddy district.
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