Hyderabad, Jan 22 (IANS): Major business conglomerate Piramal Group will invest Rs 500 crore to expand its operations in Telangana over the next three years, the company announced on Wednesday.

The proposed investment is expected to increase production capacities with creation of new manufacturing blocks, warehouse expansion and utility augmentation.

This was announced on the sidelines of World Economic Forum (WEF) in Davos after Telangana Minister for Industry K. T. Rama Rao held series of deliberations with Piramal officials.

According to an official release here on Wednesday, Rama Rao welcomed the decision of Piramal Pharma to expand their operations in the state and assured that the government will provide necessary assistance to the group.

Piramal Pharma is also keen on adding capacities through acquisitions in and around Hyderabad with an aim to support Active Pharmaceutical Ingredient (API) manufacturing and run Corporate Social Responsibility (CSR activities) in the areas of primary healthcare (Piramal Swasthya) and safe drinking water (Piramal Sarvajal) in and around Digwal village.

In addition, the Piramal Group plans to shift their plant from other states to new location in Hyderabad in order to take advantage of the ease of business offered by the Telangana.

The proposed expansion in the healthcare sector in Hyderabad will employ over 500 people. It is expected to be amongst the best facilities globally engaged in manufacturing life saving medicines.

Piramal Pharma presently has a manufacturing facility in Telangana, cGMP API manufacturing facility approved by various regulatory agencies across the globe including USFDA and EU.