Boost to TS life sciences sector: two foreign firms commit investment of $100million
Deccan Chronicle | DC Correspondent
Ivanhoe Cambridge and Lighthouse Canton aspire to contribute to the growth of the R&D sector in Hyderabad
A team from the firms met Telangana Industries minister KT Rama Rao in virtual mode on Wednesday and made this announcement. (Twitter)
Hyderabad: In a big boost to the Telangana government’s focus on the life sciences sector, Ivanhoe Cambridge, a subsidiary of the Canadian institutional fund manager Caisse de dépôt et placement du Québec (CDPQ) and Singapore-based asset management firm Lighthouse Canton, have committed to invest $100 million (around Rs750 crore) to develop about 1 million sq-ft of labspace in Genome Valley, Hyderabad.
Genome Valley is India’s first and largest cluster for life science research and development and clean manufacturing cluster housing over 200 life sciences companies. Telangana government has taken various
initiatives to strengthen the cluster further.
A team from the firms --Leadership of Ivanhoe Cambridge and Lighthouse Canton- Chanakya Chakravarti, MD and head, Ivanhoe Cambridge India, Hare Krishna, senior director, Ivanhoe Cambridge India, Shilpi Chowdhary, CEO, Lighthouse Canton and Sanket Sinha, head, Asset Management, Lighthouse
Canton; and head, MN Park Portfolio -- met Telangana Industries minister KT Rama Rao in virtual mode on Wednesday and made this announcement.
Ivanhoe Cambridge and Lighthouse Canton aspire to contribute to the growth of the R&D sector in Hyderabad, thereby creating more life sciences infrastructure over a period of time. The MN Park portfolio will receive investment from Ivanhoé Cambridge and Lighthouse Canton in an 80:20 ratio respectively.
Industries minister KT Rama Rao said, " "I’m delighted to announce the entry of Ivanhoe Cambridge, Canada, in Genome Valley through MN park with an investment commitment of $100 million for creation of about 1 million SFT labspace."
"This new investment in MN Park, Hyderabad allows us to reinforce our conviction in life science real estate, a key focus area of our diversification strategy into high growth, innovation-focused sectors", commented Chanakya Chakravarti, MD, India, Ivanhoé Cambridge. "We anticipate that India and Hyderabad will further cement
its position in the global life science arena in the post pandemic world," he stated.
Sanket Sinha, head, Asset Management, Lighthouse Canton, Singapore said: "This is the first time a global pension fund is investing in life sciences R&D real estate in the country. Genome Valley, being the core of that investment, reinforces Hyderabad’s leadership position in
the life sciences R&D sector. Our collective vision is to invest circa $100 million and double the existing infrastructure, thereby adding over 1mn sq ft of life sciences facilities in the next few years."
Jayesh Ranjan, principal secretary, Industries & Commerce & IT, Narasimha Reddy, vice chairman & MD, Telangana Industrial Infrastructure Corporation and Shakthi Nagappan, director, Life Sciences & Pharma, Government of Telangana also attended the meeting.