Rx Propellant, an Actis portfolio company and life sciences infrastructure and cluster developer, has kick-started work on the phase II of the company’s construction of lab spaces in Genome Valley in Hyderabad. The phase II will involve construction of 9 lakh sq ft of lab spaces. 

As part of the phase II work which will involves five projects, the foundation stones for two new , B-hub and GV1, were laid by KT Rama Rao, Minister for Industries and IT Government of Telangana on Tuesday. The groundbreaking ceremonies for three other projects were also performed.

“Telangana is home to over 800 life sciences companies and our scale makes us major contributors to global healthcare. Investments such as these will enable faster scale-up of companies to continue charting the growth path, while also significantly promoting economic growth in the State,’‘  K T Rama Rao said 

Future plans

According to Milind Ravi, CEO, Rx Propellant, his company has invested ₹900 crore in development of current life sciences infrastructure and is committed to invest an additional ₹2,000 crore to build a cumulative portfolio of over 100 lakh sq ft of lab space over the next five years across Hyderabad and other major life sciences hubs of India.

Vishal Goel, Managing Director, Rx Propellant, said, “India is at the centre of global innovation and drug discovery which is demonstrated in Indian vaccine developers’ response to Covid crisis and the subsequent tremendous growth in drug discovery outsourcing to India. Rx Propellant is accelerating its growth to support the ambition of CROs and drug discovery companies in the country.’‘

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