Advent International to set up ‘cohance platform’ in Hyderabad, to invest USD 2 billion, says KTR

HYDERABAD: Advent International, a 75-billion USD private equity (PE) firm, will be setting up its ‘cohance platform’ and an R&D centre in Hyderabad at an investment of USD 2 Bn (approximately INR 16,650 crore).

Pankaj Patwari, Managing Director, and Vaidheesh Annaswamy, Operating Partner, met Minister for IT and Industries K T Rama Rao on Friday morning and discussed their investment and ambitious growth plans in Hyderabad.

The minister announced on social media platform ’X’ stating: “Ecstatic to share that the leading global private equity firm, Advent International as chosen Hyderabad as the headquarters for its “Cohance platform,” with a cumulative whopping investment of USD 2 Billion (approx Rs. 16650 Crores) 😊

“I had the opportunity to meet with Mr. Pankaj Patwari, Managing Director, and Mr. Vaidheesh Annaswamy, Operating Partner, to discuss their investment and the ambitious growth plans.

“I'm delighted that the company will be establishing a greenfield R&D lab in Hyderabad, underlining the city's significance in the pharmaceutical sector. Their aggressive growth plans is a testament to Hyderabad's growing influence in Pharma & Life Sciences sector

“I am confident that Advent will continue to thrive in #Telangana, and we will continue to extend unwavering support to our industry partners in their growth endeavours.”

It’s interesting to note that just a day after Welspun announced its IT, ITeS, warehousing and logistics hub at an investment of Rs.5,000 crore providing an employment of 50,000 direct and indirect jobs at Chandanvelly in Ranga Reddy district, Telangana attracted a 2 billion dollar investment.