Huge boost for Hyderabad’s biotech and BFSI sectors as GeneSys, TechnipFMC, and AlliantGroup announce major investments

KTR's US tour attracts key investments in Hyderabad's biotech and BFSI sectors, generating thousands of jobs.

BySumit Jha

Published May 20, 2023 | 6:17 PMUpdatedMay 20, 2023 | 6:17 PM

Investment in Hyderabad KTR

Biotech firm GeneSys Biologics Pvt Ltd will set up a large-scale recombinant bulk manufacturing facility at Genome Valley in Hyderabad at a cost of $50-60 million for producing insulin analogues.

Insulin analogues (medical insulin that are altered forms of the human hormone insulin) will be produced at the facility, where purified bulk insulin will be derived through fermentation.

An official press release said the Hyderabad-based company has already invested approximately $50 million in its Genome Valley plant.

Telangana IT and Industries Minister KT Rama Rao expressed delight over GeneSys’s expansion plans, saying it will not only contribute to the growth of Hyderabad’s biotech sector but also facilitate the company’s ongoing collaboration with US-based Civica Rx.

GeneSys has partnered with Civica Rx, a US non-profit generic drug company, to manufacture and distribute affordable insulin.

The minister congratulated both companies as their efforts will contribute to addressing the insulin affordability crisis and improving the lives of diabetes patients.

GeneSys is focused on developing and manufacturing “high-quality, affordable medications, including multiple insulin analogue biosimilars,” the release said, adding that the company currently employs about 250 personnel and would add approximately 300 jobs in its new facility.

KTR in the US

Meanwhile, Rama Rao, who is currently on a US tour attending business meetings and roundtables, has met CEOs of more than 30 companies in Washington, DC, to pitch for IT companies to set up shop in Telangana’s Tier-II cities.

He has been highlighting the growth of IT in Telangana’s Tier-II cities and explaining the measures taken by the state government to support the sector, to urge US-based companies to start operations in the state, another press release said.

Rama Rao also participated in an aerospace and defence roundtable in Washington, DC. The event saw the participation of prominent US majors, advisory firms, think tanks, and start-ups.

At the roundtable, the minister showcased the growth of the aerospace sector and private sector defence investments in Telangana in the past nine years, which he said made Hyderabad the most-preferred investment destination for US aerospace and defence corporations.

Also read: Gland Pharma announces ₹400 cr investment in Genome Valley

TechnipFMC to invest $150 million

TechnipFMC, a leading technology provider to traditional and new energy industries, will be investing $150 million to set up its software Global Delivery Centre and Precision Engineering Manufacturing Facility in the Telangana capital.

A tweet by KTR said it is expected to create 2,500 jobs in engineering and 1,000 jobs in the manufacturing facility.

“Delighted to announce that @TechnipFMC, a French American Oil and Gas giant selects Hyderabad as a key hub for their software Global Delivery Center & Precision Engineering Manufacturing Facility, creating 2,500 jobs in engineering and 1,000 jobs in the manufacturing facility

The investment of over $150 million (₹1,250 crore) with an export value of $650 million (₹5,400 crore), is a major boost to Hyderabad and a testimony to the city’s potential,” KTR tweeted.

Also read: KTR trip to Davos yields investment worth ₹21,000 cr

AlliantGroup announces expansion plan

Meanwhile,  AlliantGroup, a top global consulting and financial firm headquartered in Houston, Texas, announced its expansion plans in Telangana. The plan is expected to provide a boost to the Banking, Financial Services, and Insurance (BFSI) sector in the state as well as the country.

AlliantGroup, a powerhouse in consulting and financial services, is poised to expand in Hyderabad in a big way and make an impact on the city’s BFSI sector. Renowned for its expertise in tax, accounting, and audit services, the company will be expanding its operations in Hyderabad, creating 9,000 new jobs.

AlliantGroup announced their plans for substantial growth and development in Hyderabad after Dhaval Jadav, the CEO of AlliantGroup, along with the leadership team, had a meeting with KTR at their Houston headquarters on 19 May.

AlliantGroup has already been providing services in audit, tax, advisory, and accounting since 2020 with 1,000 employees in its 1,50,000-sq ft office in Hyderabad. Building upon their established consulting arm, the 9,000 new jobs will take the total employment for Alliant to 10,000 in Hyderabad.

Also read: Microsoft to expand its data centre investment in Hyderabad

Expressing delight at the announcement, KTR said, “Great opportunity for youth in the areas of tax, accounting, audit services, and core IT technologies as well. Alliant’s decision once again exemplifies the unwavering trust and confidence that the BFSI industry has placed in the city.”

The AlliantGroup said that with the support from the IT and Industries Minister KTR and the Government of Telangana, they would embark on an exciting journey of expansion in Hyderabad.

Principal Secretary of IT and Industries Departments Jayesh Ranjan, Special Secretary, Investment Promotion & NRI Affairs, E Vishnu Vardhan Reddy, and Chief Relations Officer, Amarnath Reddy Atmakuri were present at the meeting.