Telangana attracts over Rs 600Cr investment after KTR-led delegation attends WEF in Davos

On the first day of the World Economic Forum in Davos, Switzerland, Telangana IT and Industries Minister KTR held a series of meetings with various industry leaders and brought investments worth crores to the southern state. Many companies came forward to invest crores in Telangana after their meetings with KT Rama Rao, who is leading the state delegation to WEF- 2022.

The Lulu Group confirmed an investment of Rs 500 crore in Telangana during a meeting between Minister KTR and the company head Yusuf Ali in Davos. Lulu Group will start its operations in the state's food processing sector with an investment of Rs 500 crore.

The company also plans to set up another unit in the food processing sector here and an official announcement will be made soon in this regard. Lulu Group would export food processing products from Telangana to foreign countries like Europe.

Yusuf Ali also said that the Lulu group would invest more in the construction of large-scale commercial complexes in the state. "We have already selected several areas in Hyderabad city in this regard and are in talks with the respective property owners. Our aim is to build an excellent shopping mall of international standards in Hyderabad city," he added.

KTR also welcomed Swiss Re, the world's largest insurance company to Telangana. The firm will be setting up its office in Hyderabad this August. Swiss Re is a 160-year-old insurance organization, headquartered in Zurich, and operates in 80 locations globally. 

Swiss Re's Hyderabad centre will start with an initial headcount of 250 and will be focusing on data & digital capabilities, product modelling, and risk management. Veronica Scotti, Group Managing Director & Ivo Menzinger, MD Public Sector Solutions, Swiss Re met Minister KTR and the Telangana delegation in Davos on Monday.

Chemo pharma to invest over Rs 100 crore in Telangana

Meanwhile, Chemo Pharma has announced an investment of over Rs 100 crore in the creation of the second line of production in Hyderabad. In 2021, the Spain-based company had established additional QC and stability labs in their Hyderabad facility and is now gearing towards commencing commercial operations with its upcoming line 2 in production.

The announcement was made after KT Rama Rao's meeting with the leadership of Chemo Group - Dr. Jean Daniel Bonny, R&D Director - Pharmaceuticals Generics Business at the World Economic Forum.

Chemo India Formulation started its operations in Genome Valley, Hyderabad in 2018 with the Research, development, and manufacturing of pharmaceutical finished dosage forms with a specialization in oral dosage formulations. Since then, the company has witnessed tremendous growth and invested around 170 crores along with employment creation of around 270 people.

(With inputs from agency)