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My Home Industries, one of the largest conglomerates from Telangana with interests in cement, real estate and power, has set its eyes on pharmaceuticals and start-up funding as major diversification in the near term, its founder Chairman J Rameswar Rao said.
The Hyderabad-based company with turnover of close to ₹5,000 crore, has made its first investment of ₹90 crore picking up equity in Celon Labs, an Oncology (cancer) focussed pharma company with good export market. “This is our first entry and we are exploring acquisitions to grow the pharma business in a big way”, Rao told BusinessLine in an interview.
The second area of diversification is funding of start-ups with potential as well as in promising companies with potential to grow in the long term. The company is creating a corpus of ₹500 crore upwards for this venture. With a huge land bank in and around Hyderabad, My Home Group is bullish on a rapid scale-up in its key business sectors of realty, construction and cement, he said.
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