Hyderabad: IT and Industries Minister KT Rama Rao (KTR) pulled in over Rs. 600 crore in investments to Telangana on his first day of the World Economic Forum (WEF) meetings in Davos on Monday.
While LuLu Group announced investments of Rs 500 crore in the food processing sector, Chemo Pharma of Spain announced a Rs 100 crore investment in Hyderabad over the next two years.
Meanwhile, Swiss Re Global Business Solutions (GBS), based in Zurich, has announced that it will open a branch in Hyderabad in August. And Meesho, the fast-growing eCommerce company, also agreed to set up its facility in Hyderabad.
Lulu group in Telangana
The LuLu Group agreement was announced following a meeting between KTR and LuLu Group’s Chairman and Managing Director (MD) Yusuff Ali at the WEF, earlier today.
The company will build a world-class food processing facility solely for export to Gulf countries and other global markets.
With this deal, the minister is creating more avenues to provide a remunerative market for the state’s farmers involved in horticulture and livestock rearing.
Chemo Pharma to invest in Telangana
KTR also had a fruitful meeting with the leadership team of Chemo Pharma led by Research and Development Director Dr. Jean Daniel Bonny.
Chemo Pharma, based out of Spain, has announced a Rs.100 crore investment in expanding its current operation in Hyderabad, which produces pharmaceutical finished dosage forms.
The business plans to open a new Active Pharmaceutical Ingredient and Research and Development Center, as well as continue new product development operations in solids and injectables in the city.
Meesho to open up a facility in Hyderabad:
With Meesho, KTR is focusing on retail sellers in Tier-II towns. Meesho agreed to set up its facility in Hyderabad, where it would utilise Tier-II IT hubs across Telangana along with various platforms the state offers.
Industries Department Principal Secretary Jayesh Ranjan was also present at the meetings.