Corrects typographical error in paragraph 9
By Rishika Sadam
Feb 16 (Reuters) - French drugmaker Sanofi SASY.PA said on Monday it will expand its global capability centre $(GCC)$ in the southern Indian city of Hyderabad, and increase its workforce to more than 4,500 employees.
The centre currently employs over 2,600 people.
The biopharmaceutical company said that the expansion would be supported by a "multi-hundred-million" investment, but did not disclose the exact size of the amount. It also did not specify a timeframe for the hiring.
In 2024, Sanofi said it would invest 400 million euros ($474.60 million) in its India GCC by the end of the decade.
Multinational companies are increasingly setting up so-called global capability centres in India, which have evolved from low-cost back offices to high-value innovation hubs that support operations, finance, research and development.
India hosts more than 1,700 GCCs, employing over 1.9 million professionals, according to real estate consultancy Anarock.
The consultancy projects the GCC market to reach $105 billion–$110 billion by 2030, expanding at a 10% CAGR, and estimates the number of centres could rise to more than 2,400 by then, driven by a larger talent pool and broader sectoral diversification.
The latest hiring would include specialists in research and development, artificial intelligence and data innovation, data analytics, medical affairs, commercial capabilities and corporate functions, Sanofi Healthcare India, part of the global group, said in a statement.
The announcement comes as Hyderabad prepares to host its annual BioAsia conference on February 17 and 18, where executives from global drugmakers, including Eli Lilly LLY.N, Sanofi, Novo Nordisk NOVOb.CO and Merck MRCG.DE, will discuss expanding research and the growth outlook for India's pharma market.
($1 = 0.8428 euros)
(Reporting by Rishika Sadam and Kashish Tandon; Editing by Eileen Soreng)
((Rishika.Sadam@thomsonreuters.com;))