HYDERABAD: Telangana has landed another huge investment. Hyundai Group, whose representatives met IT and Industries Minister KT Rama Rao on the sidelines of the World Economic Forum (WEF) meetings, announced a massive investment of Rs 1,400 crore in the State.
Hyundai CIO Young Cho Chi met Rama Rao at the Telangana Pavilion in Davos. On this occasion, he said this investment will be made in the mobility cluster being set up by the State of Telangana. The company has agreed not only to invest but also be a partner in the Telangana Mobility Valley being set up by the State government.
With this investment, the company will set up test tracks as well as other infrastructure required by the ecosystem. Apart from this, other opportunities to work with the Telangana government were also discussed at length.
Rama Rao said that Hyundai’s investment in the mobility sector in the State would give great strength. He said that he would extend full support to Hyundai, which has come forward to invest Rs 1,400 crore in Telangana. Rama Rao expressed hope that with the arrival of Hyundai, more investments will come to Telangana in the mobility sector.
EPME Diagnostics to set up facility in city
Another company EMPE Diagnostics, headquartered in Sweden, will set up a global production facility for tuberculosis diagnostic kits in Hyderabad. EMPE Diagnostics announced their global production facility at Genome Valley in Hyderabad with an aim to produce 2 million tuberculosis diagnostic kits per month. Soon, the company will be investing around Rs 25 crore and will employ around 25 people in Hyderabad.
Currently, EMPE Diagnostics is conducting clinical evaluations in at least five countries for their diagnostic kits for tuberculosis. The products to be produced in Hyderabad will be sold globally. The company also plans to invest around Rs 50 crore in this facility with additional employment for around 150 people. Over the years, the company is planning to invest around 25 million euros in the facility.
Rama Rao said ‘’Tuberculosis is one of the ancient infections and even today, it remains a challenge for the medical world, causing a socio-economic burden for countries. I’m delighted to announce the expansion plans of EMPE Diagnostics for Hyderabad. I’m glad to note that Hyderabad will serve as the global production facility for the company.”
GMM Pfauldler announces expansion
GMM Pfaudler has announced an expansion plan for its facility in Hyderabad, which manufactures glass-lined reactors, tanks and columns for pharmaceutical and chemical companies in the south India. It plans to expand their operations and provide manufacturing support to the group’s global operations and is investing an additional $3.7 million to increase their capacity. It had invested $6.3 million in the acquisition of the glass lining equipment manufacturing facility in 2020, and the company is making an additional investment to nearly double their capacity