Generic drug maker Mylan Laboratories Limited plans to invest $5 billion to expand its presence in Andhra Pradesh, a company official said on Monday.
Rajeev Mukundan, Mylan's senior vice-president (Legal), informed Chief Minister N. Chandrababu Naidu that the company was looking at expanding its presence in the state with the additional investment.
The firm already has four facilities in the coastal city of Visakhapatnam.
Mukundan was part of a delegation of US-India Business Council (USIBC) which called on Naidu here on Monday.
Srini Srinivasan, managing director of Hospira, a pharmaceutical company, said they invested Rs.2,500 crore in their manufacturing facility in Visakhapatnam.
According to a statement from the chief minister's office, a delegate from Johnson & Johnson evinced interest in working with the state on reducing infant and maternal mortality rate, women's health and hygiene.
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The delegation was led by USIBC executive vice-president Diane Farrell.
Diane Farrell informed the chief minister that USIBC is expediting the work on making Visakhapatnam a smart city. "We're talking to companies and investors who are interested in making Vizag a smart city," she said.
She has also invited the chief minister to the US and asked the government to conduct a road show on the investment opportunities in Andhra Pradesh.
Naidu elaborated on the advantages of investing in Andhra Pradesh like abundant water, 24X7 power and a long coastline which makes it the potential logistics hub for South East Asia.