AFPRx Propellant has deployed Rs 1,100 crore, its first from $200 million that global fund Actis infused in the life-sciences real estate development platform, to develop a lab space at Genome Valley in Hyderabad.
At Genome Valley, the company plans to develop a 9,00,000 square feet lab space, to be operational over mid-2025. The new cluster will cater to startups, scale-ups and established contract manufacturers and multinationals in the pharma space.
"We have just started with the first phase development and have a strong pipeline of tenants. There is a formidable demand from contract research organisations with many companies shying away from sending work to China," managing director Vishal Goel said.
RX Propellant has already invested Rs 900 crore in the development of its existing life-sciences infrastructure and is planning to invest another Rs2,000 crore to build more than 10 million sq ft of lab space over the next five years across Hyderabad, Bengaluru and Navi Mumbai.
"Rx Propellant is accelerating its growth to support the ambition of CROs and drug discovery companies in India. We have built a team which understands science and now we are translating it into creating curated infrastructure that supports quick ramp-up of operations," said Goel.
In March, Actis, a global investor in sustainable infrastructure, acquired Rx Propellant. The company currently has half a million square feet of operational life-sciences real estate space in Hyderabad and Bengaluru.
In total, the current planned development of Rx Propellent at Genome Valley constitutes seven independent projects, spread over 1.7 million sq ft.
At Genome Valley, the company plans to develop a 9,00,000 square feet lab space, to be operational over mid-2025. The new cluster will cater to startups, scale-ups and established contract manufacturers and multinationals in the pharma space.
"We have just started with the first phase development and have a strong pipeline of tenants. There is a formidable demand from contract research organisations with many companies shying away from sending work to China," managing director Vishal Goel said.
RX Propellant has already invested Rs 900 crore in the development of its existing life-sciences infrastructure and is planning to invest another Rs2,000 crore to build more than 10 million sq ft of lab space over the next five years across Hyderabad, Bengaluru and Navi Mumbai.
"Rx Propellant is accelerating its growth to support the ambition of CROs and drug discovery companies in India. We have built a team which understands science and now we are translating it into creating curated infrastructure that supports quick ramp-up of operations," said Goel.
In March, Actis, a global investor in sustainable infrastructure, acquired Rx Propellant. The company currently has half a million square feet of operational life-sciences real estate space in Hyderabad and Bengaluru.
In total, the current planned development of Rx Propellent at Genome Valley constitutes seven independent projects, spread over 1.7 million sq ft.
Read More News on
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
