Hyderabad, Aug 8 : Vivint Pharma, an injectables pharmaceutical company, has announced its plans to establish a state-of-the-art injectables manufacturing facility at Genome Valley in Hyderabad.

The company will be investing Rs 400 crore in the new facility with a potential to employ 1,000 people.

The announcement was made by the company leadership during a meeting with Telangana Chief Minister A. Revanth Reddy and the Minister for Industries and Commerce D. Sridhar Babu, in New York.

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, according to a statement from the Chief Minister's Office (CMO).

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 center 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.

Revanth Reddy stated that Telangana has always been at the forefront of fostering innovation in the life sciences sector, and this investment will add further impetus.

Sridhar Babu said this investment was a testament to the business-friendly environment nurtured by the state government.

"Genome Valley continues to be a magnet for pharmaceutical companies, and Vivint Pharma's decision to set up a new manufacturing facility here reaffirms our leadership in the life sciences domain," he said.

Meanwhile, the state government signed a Memorandum of Understanding (MoU) with Corning Incorporated, a global leader in materials science, to collaborate on skilling and innovation initiatives aimed at strengthening the state's workforce and advancing technological innovation in key industries.

This MoU was formalised during a significant meeting between Corning leadership team led by Ronald Verkleeren, Senior Vice President, Emerging Innovations Group, and and the state official team led by Chief Minister A. Revanth Reddy and Minister Sridhar Babu.

As part of the agreement, Corning and Telangana would collaborate on designing and implementing programs focused on skilling the local workforce in advanced manufacturing and chemical engineering technologies. These initiatives aim to ensure that Telangana's talent pool remains competitive on a global scale, aligning with state's vision of becoming a hub for cutting-edge research and development in pharmaceutical and chemical sectors.

/IANS