Hyderabad: A day after media and entertainment conglomerate Warner Bros. Discovery announced its Hyderabad plans, Telangana saw more major investments being announced with Medtronic PLC, a Dublin-based global leader in healthcare technology, announcing on Thursday an investment of over $350 million (approximately Rs.3000 crore) to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad.
Ocugen Inc., a U.S.-based biotechnology major, also announced a research and development centre in Telangana that will focus on developing cutting-edge modifier gene therapies and regenerative cell therapy, apart from vaccines to support public health.
Medtronic’s announcement came after its leaders including Mike Marinaro, Executive Vice President & President (Surgical), met IT and Industries Minister KT Rama Rao, who is currently in New York as part of an ongoing business tour of the United States. The Medtronic investment builds on an earlier investment of $160 million in MEIC in 2020, and is expected to take its current strength 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.
Rama Rao also held multiple meetings with different industry representatives as part of his US tour. Among these was Avi Basu, founder of insurtech company Wingsure, who met the Minister anmd discussed potential business opportunities within the domains of agriculture and agri-related financial services.
The executive leadership team of Aaron Capital, a leading investment banking company, led by Chairman David Wolfe also met the Minister.
The meeting, according to an official statement, presented an opportunity for potential collaboration between Aaron Capital and the Government of Telangana. The Minister emphasized the investment-friendly climate prevailing in Telangana, underscoring the robust innovation ecosystem, state-of-the-art infrastructure and the availability of a skilled and readily employable workforce.
Later in the day, a leadership team from Bristol Myers Squibb, USA, led by Greg Meyers, EVP Chief Digital & Technology Officer, also met the Minister. The team apprised the Minister on the progress of their Science, Technology & Innovation Centre in Hyderabad which was announced in February with an investment of $100 million.
Discussions also revolved around potential opportunities for BMS in Hyderabad and their other growth plans.
Earlier, Rama Rao attended an investor roundtable meeting in New York, jointly hosted by the Consulate General of India in New York and US India Strategic Partnership Forum.
The Minister, who spoke about his deep connection with New York City, where he studied and worked, pitched Telangana as an ideal investment destination, emphasizing that the State possesses all the necessary resources for establishing any business.
With progressive industry-friendly policies and a robust innovation ecosystem, Telangana offers a wide array of opportunities in its 14 priority sectors, he said, conveying that Telangana was ready to be the ideal gateway for investors choosing India as their destination.
Indian Consul General in New York Randhir Jaiswal acknowledged that Telangana and Hyderabad have become integral parts of global business conversations and praised Rama Rao for his ‘unmatched dynamism’ and highlighted Hyderabad’s boundary-pushing initiatives.