STOCK MARKET BSE NSE

Integrated defence systems facility to come up in Sangareddy

The project, which is part of the NIMZ, is expected to create 2,000 jobs.

Published: 25th October 2021 08:38 AM  |   Last Updated: 25th October 2021 08:38 AM   |  A+A-

Principal Secretary Jayesh Ranjan and CMD of VEM Technologies V Venkata Reddy sign an MoU as IT Minister KT Rama Rao looks on, in Hyderabad on Sunday

By Express News Service

HYDERABAD: The Telangana government on Sunday signed a memorandum of understanding (MoU) with VEM Technologies to establish an ‘Integrated Defence Systems Facility’ at Yelgoi village near Zaheerabad in Sangareddy district.  Large defence systems like missiles, torpedoes, ultra-optical systems, unmanned aerial vehicles, helicopters, fighters and small arms would be manufactured in the facility, which is being established in 511 acres with an investment of Rs 1,000 crore in the next five years. The project, which is part of the NIMZ, is expected to create 2,000 jobs.

Speaking during the signing ceremony, V Venkata Raju, CMD of VEM Technologies, thanked the State government and Industries Minister KT Rama Rao for recognising the good work done by the company and extending support to the facility.  He announced that a first-of-its-kind ‘export processing zone’ would come up at the facility, where defence systems would be produced to cater to domestic and international demands.

“It will not only solve logistical issues, but also create good revenue for the governments,”Venkata Raju said. The CMD said that a state-of-the-art manufacturing and integration facility for aerostructures, radars and radar control systems, and a metallurgical processing and treatment facility to meet the defence-related requirements would also be established, which would further strengthen the aerospace and defence ecosystem in Telangana.  Rama Rao, who was the chief guest at the event, spoke about how VEM, a Hyderabad-based company, had grown to become a leader in technology, adding value to the aerospace and defence ecosystem. 

Stating that Hyderabad continues to be a preferred destination for the manufacture of aerospace and defence systems for foreign OEMs like Lockheed Martin, Boeing, GE and Saffron, Minister KT Rama Rao said that the investments have created a conducive environment for many micro, small and medium enterprises (MSMEs).

“Any successful unicorn gets all the national attention. Technological investments, which are helping people make quick money through private equity and so on, always hog the limelight,” he said. Dr G Satheesh Reddy, Secretary of the Department of Defence R&D and the Chairman of DRDO, said that his assurance of Telangana receiving Rs 1 lakh crore worth of orders in defence and aerospace systems manufacturing would soon be a reality.

“There has been a rapid progress in the manufacture of different missile systems, electronic warfare systems, drone and anti-drone systems, airborne warning and control systems, after the Centre opened the doors for private entities in the aerospace and defence sectors,” he said. Speaking on the occasion, Dr VK Saraswat, member of Niti Aayog, praised VEM Technologies for taking the venture in the right direction by establishing the facility in Telangana, which he thought was a fitting choice.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp