Industries and IT minister K.T. Rama Rao with the Managing Partner of Advent International John Maldonado in New York, USA. (Image: @MinisterKTR)
HYDERABAD: Industries and IT minister K.T. Rama Rao’s seven-day tour to the United States concluded on Sunday, attracting more investments in the state by US-based companies.
Advent International, a private equity firm, promised to invest Rs 1,750 crore in life sciences and pharmaceutical sectors in Telangana. Rama Rao had been visiting different cities in the US and meeting several industry and investment leaders, as well as Indian diaspora, drumming up support for the state. He also invited several companies to come forward and invest in the state.
On Saturday, according to his office, he met with representatives of Advent who expressed interest to invest in the state which, the company said, had an existing ecosystem for development of life sciences. Advent’s managing director John Maldonado informed Rama Rao at a meeting in New York that his company would be investing Rs 1,750 crore in the city based RA Chem Pharma Ltd. and Avra Laboratories to acquire majority stakes in the two companies.
Rama Rao said the state government welcomed these investments and will work with Advent, and added that he hoped the US-based company would also make other investments in Telangana.
Similarly, Rama Rao, during his meeting with New Jersey-based Slayback Pharma, was informed by its founder Ajay Singh that over the next three years, the company would invest Rs 1,500 crore in the state.
This will be in addition to the approximately Rs 2,300 crore Slayback invested in Pharma sector in the state in the past five years.