StemCures, a medical clinic in Ohio focused on stem cell therapy, will be establishing a manufacturing lab in Telangana with around $54 million investment and employment potential for around 150 people.
The facility will focus on stem cell therapy and capitalise on the latest technology and expertise from the U.S. to manufacture quality and affordable stem cell products for treating various serious medical conditions, IT and Industries Minister K.T. Rama Rao’s office said on Wednesday after founder Sairam Atluri met him in Boston.
“Setting up an R&D facility was seamless... looking forward to expanding with the manufacturing plant,” Mr.Atluri said. Currently, StemCures is culminating R&D of the stem cell line at Aspire Bionest in University of Hyderabad and ready to embark on a phase 1 manufacturing lab.
In another announcement on the engagements of the Minister and officials who accompanied him to the U.S., Mr.Rama Rao’s office said Plume, creator of SaaS experience platform for communications service providers and their subscribers, is starting its centre in Hyderabad with an employment opportunity for 100 people. Earlier, CDO Kiran Edara and Chief OpenSync and Hardware Officer Liem Vo met with IT and Industries Secretary Jayesh Ranjan.
Sonata Software, Sanofi and Pi Health are other firms that shared their plans for Telangana during meeting the Minister and officials. While Sonata Software will expand its footprint in tier-II towns by adding 200 jobs in Nalgonda IT Tower, which will begin operations soon, a leadership team of Sanofi said the global pharmaceutical giant, which earlier this year had announced a centre in Hyderabad with 350 jobs, continues to pursue aggressive growth plans. Pi Health has decided to establish an integrated cancer hospital and research centre in Hyderabad.
State Street to expand
On Tuesday, Mr.Rama Rao’s office said asset management firm State Street is expanding its operations in Hyderabad and will create 5,000 new jobs.
Hyderabad is poised to host the second-largest office for State Street, after its Boston headquarters. The announcement came after the leadership team of the firm met the Minister in Boston. Some of the global roles and heads for accounting, HR mobility and others will be housed in Hyderabad, the team said.
The new job roles will primarily be in the areas of fund management, custodian services and asset management. The centre is going to have a slew of software engineers and data scientists focused on data analytics, AI and other emerging technologies supporting the fund management for State Street.
In November 2017, State Street Corporation, one of the world’s leading providers of financial services to institutional investors with over $40 trillion under its custody, had announced the opening of a CoE in Hyderabad. It was initially expected to expand to about 1,000 employees, but is now adding over 5,000 jobs in Hyderabad, Mr.Rama Rao’s office said.
