Contract research organisation Chemveda Life Sciences will expand its footprint in Hyderabad by setting up a research and development centre with around ₹150 crore ($20 million).
The proposed 2 lakh sqft facility, with a 200 KL capacity GMP facility, will create an employment for 500 scientists. The company has already received ₹90 crore ($12 million) funding and has a commitment for the remaining ₹60 crore ($8 million).
An announcement on the proposed investment followed a meeting that Industries Minister K.T.Rama Rao, who is in the US leading a delegation from the State government to promote Telangana and attract investments, had with the company’s senior leadership in San Diego. “On the first day of the official tour, the delegation was successful in striking a major investment deal,” the Minister’s office said in a release on Monday.
