Telangana gets over Rs 600 crore from KTR's Davos trip.
At the World Economic Forum (WEF) meetings in Davos, Industries Minister KTR brought in over Rs. 600 crore investments into state Telangana.
LuLu Group has announced investments of Rs 500 crore in the food-processing sector, while Chemo Pharma has announced an investment of Rs 100 crore to expand its facility in Hyderabad over the next 2 years. Swiss Re will also establish a unit in Hyderabad in August of this year.
During the WEF meeting on Monday, Industries Minister KTR met with Group Chairman and MD MA Yusuff Ali. After the announcement, the Minister handed over the permission letters from the state government to set up the group's food processing unit in the state.
He said the foundation for these units would soon be laid, and they would be involved in the export of food processing products from Telangana to Europe and other countries. The Group was also keen in investing hugely in the construction sector, especially commercial complexes.
The minister said Hyderabad was one among the fastest developing cities and expressed happiness over LuLu Group’s investment in the city.
KCR Govt is working to promote agri-based and Agri allied sector products through different food processing units.
After LuLu Group, Spain-based Chemo Pharma announced Rs.100 crore investments to expand its existing unit in Hyderabad to produce pharmaceutical finished dosage forms. The company is also planning to initiate a new Active Pharmaceutical Ingredient and R&D Centre, along with continuing new product development activities in solids and injectables in Hyderabad.