Charles Schwab, a global leader in financial services, has chosen Hyderabad as the prospective location for its first Technology Development Centre in India.
The company's decision follows discussions between Telangana Chief Minister A Revanth Reddy and senior Schwab executives Dennis Howard, Rama Bokka, and others at Charles Schwab's world headquarters in Dallas on Thursday.
Reddy is currently on a ten-day visit to the United States and South Korea to attract investments into the state.
The Chief Minister’s Office (CMO) said that the Chief Minister and the IT Minister D Sridhar Babu have committed to guiding Schwab through all necessary formalities for establishing their presence in Hyderabad, ensuring swift access to the necessary talent for a rapid ramp-up.
Schwab's executives have expressed confidence and appreciated the proactive support from the government as a promising indicator of a successful collaboration. Charles Schwab is currently awaiting the final approvals for announcing detailed insights into the upcoming centre and delegating a team to India for officially establishing the Schwab Technology Center in Hyderabad.
Vivint Pharma to set up manufacturing facility
Meanwhile, Vivint Pharma, an injectables pharmaceutical company, has announced its plans to establish a state-of-the-art injectables manufacturing facility in Genome Valley, Hyderabad.
The company will be investing Rs 400 crore in the new facility with the potential to employ 1000 people, further solidifying Telangana’s position as a global hub for life sciences. This significant investment underscores Vivint Pharma's commitment to expanding its footprint in India, particularly in Telangana, which has emerged as a preferred destination for pharmaceutical and biotechnology companies.
The company has an R&D centre in Genome Valley and has invested about Rs 70 crore in the facility. To consolidate its strengths and foray into international markets, the company has decided to establish its first manufacturing plant and has acquired 5.5 acres in Genome Valley, known for its world-class infrastructure and conducive ecosystem for research, innovation, and manufacturing.
"I am delighted to note about Vivint Pharma’s investment in Genome Valley. Telangana has always been at the forefront of fostering innovation in the life sciences sector, and this investment will add further impetus," said Revanth Reddy.
Vivint Pharma’s injectables facility will focus on the development and production of high-quality injectable drugs in the oncology and critical care space for both domestic and international markets. The company’s decision to invest in Genome Valley aligns with its strategy to leverage India’s skilled workforce and the region’s advanced manufacturing capabilities to meet the growing global demand for pharmaceutical products.
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