Hyderabad, Nov 22 (IANS): Six pharma companies will invest Rs 5,260 crore to set up their manufacturing units in Telangana, it was announced on Friday.

The government will allocate land for the establishment of the new pharma manufacturing units in the Pharma City.

The MoUs in this regard were signed by representatives of the companies and the state government officials in the presence of Chief Minister A. Revanth Reddy on Friday.

Six companies expressed their interest to invest more than Rs 5,260 crore and these investments will provide 12,490 job opportunities in the pharma sector.

According to the Chief Minister’s Office (CMO), the companies entered MoUs with the state government to expand their operations and also to establish pollution-free green pharma companies.

Representatives of various pharma companies held talks with Chief Minister Revanth Reddy and Industries Minister D. Sridhar Babu at the Secretariat.

Dr Reddy's Labs Director Satish Reddy, Laurus Labs ED V.V. Ravikumar, Gland Pharma CEO Srinivas, MSN Labs CMD M.S.N. Reddy, Aurobindo Pharma Director Madan Mohan Reddy, and Hetero Group Managing Director B. Vamsi Krishna, Telangana State Industrial Infrastructure Corporation (TSIIC) Chairperson Nirmala Jagga Reddy, Special Secretary to the Chief Minister, Ajith Reddy, and Special Chief Secretary, Industries Department, Jayesh Ranjan participated in the meeting.

As per the MoUs, MSN Laboratory will set up a manufacturing unit along with an R&D centre. Laurus Labs and Aurobindo Pharma will establish formulation units. Gland Pharma is ready to open an R&D centre, injectables, and drug substance manufacturing units. Dr Reddy's Labs will establish an injectable and biosimilar unit. Hetero Labs will set up a finished dose and injectable manufacturing plant.

The Chief Minister directed the officials concerned to allocate land to the pharma companies to take up construction work in the next four months and also provide the required facilities in the Pharma City.