A day after Warner Bros. Discovery announced its plans for Hyderabad, Telangana saw more major investments announced, with Medtronic PLC, a Dublin-based global leader in healthcare technology, announcing an investment of over $350 million (approximately Rs.3000 crore) on Thursday to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad.
Ocugen Inc., a biotechnology company based in the US, also announced the establishment of a research and development center in Telangana that will focus on developing cutting-edge modifier gene therapies and regenerative cell therapy, as well as vaccines to support public health.
Medtronic’s announcement came after its leaders, including Executive Vice President and President (Surgical) Mike Marinaro, met with IT and Industries Minister KT Rama Rao.
The Medtronic investment follows a $160 million investment in MEIC in 2020, and it is expected to increase its current workforce of 800, primarily engineers, to over 1500 over the next five years.
The Ocugen announcement came after Rama Rao’s meeting with Dr. Shankar Musunuri, Chairman, CEO and Co-founder of Ocugen.
During his US tour, Rama Rao also met with a number of industry representatives. Avi Basu, founder of insurtech company Wingsure, was among those who met with the Minister and discussed potential business opportunities in agriculture and agri-related financial services.
The Minister was also met by the executive leadership team of Aaron Capital, a leading investment banking firm led by Chairman David Wolfe.
According to an official statement, the meeting provided an opportunity for Aaron Capital and the Government of Telangana to collaborate. The Minister emphasized Telangana’s investment-friendly climate, highlighting the state’s robust innovation ecosystem, cutting-edge infrastructure, and the availability of a skilled and easily employable workforce.
Later in the day, the Minister was also met by a leadership team from Bristol Myers Squibb, USA, led by Greg Meyers, EVP Chief Digital & Technology Officer. The team updated the Minister on the status of their Science, Technology, and Innovation Centre in Hyderabad, which was announced in February with a $100 million investment.
Discussions also centered on potential opportunities for BMS in Hyderabad, as well as their other expansion plans.
Previously, Rama Rao attended an investor roundtable meeting in New York, which was co-hosted by the Consulate General of India in New York and the US-India Strategic Partnership Forum.
The Minister, who spoke about his strong ties to New York City, where he studied and worked, pitched Telangana as an ideal investment destination, emphasizing that the state possesses all of the resources required to establish any business.
Telangana, with progressive industry-friendly policies and a robust innovation ecosystem, offers a wide range of opportunities in its 14 priority sectors, he said, adding that Telangana was ready to be the ideal gateway for investors considering India as a destination.
Indian Consul General in New York Randhir Jaiswal acknowledged that Telangana and Hyderabad have become integral parts of global business conversations, praising Rama Rao for his ‘unmatched dynamism’ and highlighting Hyderabad’s boundary-pushing initiatives.
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