Governor Jindal said, “Dr. Reddy’s is exactly the type of company we want to invest and expand in Louisiana so we can strengthen and diversify our economy, and most importantly, create opportunities for our people. Our top priority is to make Louisiana the best place in the world to create jobs and raise a family – and Dr. Reddy’s expansion is boosting Louisiana’s place in the growing healthcare, biotech and pharmaceutical industries which is creating more good-paying jobs for our people so they don’t have to leave home to pursue their dreams.”
The state estimated that Dr. Reddy’s expansion would result in the creation of another 184 indirect jobs, for a total of more than 280 new direct and indirect jobs. The company is receiving a performance-based $2.1 million grant from the Rapid Response Fund and, to date, has received more than 3,800 hours of training from Louisiana FastStart. In addition, Dr. Reddy’s has applied for the Quality Jobs and Industrial Tax Exemption incentives that are built into state law.
“The State of Louisiana has been a valuable partner to Dr. Reddy’s,” said Amit Patel, senior vice president and head of North America Generics for Dr. Reddy’s. “This partnership has enabled the expansion of our product lines at our Shreveport location, as well as the addition of meaningful jobs in the area. The state’s combination of incentives, workforce development, and competitive manufacturing costs contributed to our decision to expand in Shreveport. Louisiana Economic Development and FastStart have been tremendously responsive in customizing programs to meet the organization’s specific needs and in enabling the expansion efforts.”
Last week, Business Facilities magazine ranked Louisiana first in the nation in workforce training, based on the strength of Louisiana FastStart. Louisiana was previously named the magazine’s 2010 State of the Year. While companies are recognizing Louisiana’s improvement in business rankings across the board, the FastStart incentive frequently makes a crucial difference in winning business expansions within Louisiana and business relocations from other states.
"FastStart has become one of Louisiana's top selling points for business expansions and business recruitment projects,” LED Secretary Stephen Moret said. “With FastStart, we are able to deliver a high-quality, flexible, fully trained workforce better and faster than any other state in the U.S. Through FastStart we are helping more and more companies to meet and often exceed their production ramp-up and productivity targets, which means FastStart is helping companies improve their profitability and overall success. Dr. Reddy's is a terrific example of the value of our FastStart program. We're excited about the company's growth to date, and we look forward to supporting the future expansion and development of Dr. Reddy's in Shreveport."
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