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BS Yediyurappa woos Piramal Group to expand pharma business in Karnataka

Last Updated 13 October 2020, 13:59 IST

Karnataka Chief Minister BS Yediyurappa on Tuesday rolled out the red carpet for billionaire Ajay Piramal-led Piramal Group to invest in Karnataka.

According to a statement from the chief minister’s office (CMO), the Piramal Group is looking at investment opportunities in Karnataka to expand its pharmaceutical business.

During a virtual meeting with the group’s executive director Anand Piramal, Yediyurappa said the government would extend full cooperation for the conglomerate to invest in the state.

“Due to our recent reforms, the state is attracting more investments from industrialists,” Yediyurappa said during his talks with Piramal. “The government has opened up the state for investment opportunities. While Covid-19 has posed new challenges, our new industrial policy will help sustainable and comprehensive industrial development,” he said.

According to the statement, Piramal said they have vast experience in manufacturing of drugs and that their business was global. “We are interested in expanding this into Karnataka. We’re eager to invest and form a partnership after learning that the state is providing all necessary clearances in a single day,” the CMO said quoting Piramal.

Recently, the government amended the Karnataka Industries (Facilitation) Act, providing temporary clearances to establish industries, and companies will get three years to apply for various clearances.

“The state has a complementary atmosphere for setting up industries, their growth and functioning,” Yediyurappa said, adding that arrangements have been made for investments outside Bengaluru.

“There’s an excellent ecosystem for pharmaceutical exports, research and packaging in Karnataka,” the CM said, citing the presence of Biocon and Zeneca as examples. “Any grievance will be immediately addressed.”

Industries Minister Jagadish Shettar told Piramal that the state’s new industrial policy is pro-business and “there are plenty of investment opportunities at all levels.”

Home Minister Basavaraj Bommai, Revenue Minister R Ashoka, Health & Medical Education Minister K Sudhakar and Commerce & Industries principal secretary Gaurav Gupta were present.

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(Published 13 October 2020, 13:59 IST)

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