 "Rs 200-cr Cogent Glass unit to cater to pharma industry")
The Rs 200-crore facility, promoted by directors of Aurobindo Pharma Limited, was acquired last year by Oaktree Capital Management, a US-based investment firm managing over $ 80 billion in assets and with several investments in the packaging sector.
The investment in Cogent is stated to have provided Oaktree an entry into the fast-growing Indian market for pharmaceutical packaging. Oaktree had also invested in France-based SGD, which is a leading manufacturer of glass for the pharmaceutical and cosmetics industries.
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SGD had earlier signed a cooperation agreement with Cogent that provides for technology sharing as well as marketing and management support. Cogent will exclusively cater to the pharmaceutical sector.
The manufacturing facility has a production capacity of 1 million pieces per day for moulded vials and half a million pieces for tubular containers. The infrastructure at Vemula plant includes batch plant from Germany, glass melting from Italy, machines for moulded vials from Sweden, inspection machines from France and tubular conversion machines from Italy and is spread over 30 acres of land. The facility is expected to provide direct employment to 450 workers and indirect employment to another 1,000 people.
Rao said SGD has promised to invest another Rs 200-300 crore in the next three years for expanding the production, which is likely to generate additional direct employment for 500 individuals, mostly locals.
“It is our vision to transform the landscape of this village by providing not just direct and indirect employment but also put it up on the global map. The plant in Vemula will produce high-quality moulded Type I glass vials as well as tubular glass vials and ampoules for the pharmaceutical industry. It is equipped with leading-edge technology and has become the first in the world to successfully produce both moulded glass vials and tube from a single furnace,” Cogent managing director, Frederic Barbier, stated.
The pharmaceutical packaging industry in India is estimated to be worth about Rs 1,100 crore and growing at a rate of 17 per cent a year.
Raises hopes for reviving agriculture
The chief minister said the state government was making all efforts to bring 650,000 acres under irrigation by June next year.
“My government is taking all steps to complete Palamuru, Bheema and Kalvakurthi lift irrigation project to irrigate up to 750,000 acres agri land in the district,” he said. He added the government was ready to allot Rs 800-1,000 crore for their completion.
According to him, this would help check the exodus of local population to other districts in search of better opportunities.
Telangana would be spending Rs 20,000 crore in the next four years for restoring water bodies under the minor irrigation scheme.