“A hugely productive trip,” said a jolly Telangana Minister of Industries and Information Technology, KT Rama Rao (KTR), on his return from the World Economic Forum (WEF) summit in Davos, where the state has attracted investments worth over Rs 4,200 crore. Pitching Telangana as an investment destination at the WEF in the face of intense competition from other Indian states, in addition to other countries, was in itself a challenge, all the more so given the bleak prospects of recession.
Despite these hurdles, Telangana has attracted investment across all sectors, including mobility, pharmaceuticals, life sciences and BFSI (banking, financial services and insurance). During their 10-day journey, which began with a three-day visit to the UK, the Telangana team held 45 business meetings, including four roundtables and roundtables each to market business opportunities. investment in the state. “Our team and the Telangana diaspora helped make it a huge success,” says KTR.
The purpose of the trip was to showcase Telangana as an investment destination for global companies and thereby create more job opportunities for the youth of the state. On the final day of the campaign in Davos, German car major ZF announced its expansion into Hyderabad and plans to join the Telangana Mobility Valley. Its newest facility, built at a cost of Rs 322 crore, is due to open on June 1 at Nanakramguda in Hyderabad. Hyderabad will be ZF’s largest facility among its 100 sites and 18 major development centers around the world. It should create jobs for 3,000 people.
In Davos, Telangana made several other striking gains:
* Hyundai Global will invest Rs 1,400 crore for setting up proving grounds (test tracks) as it prepares to become part of the Telangana Mobility Valley.
* DFE Pharma has announced a new center of excellence in the bustling Genome Valley, north of Hyderabad.
* EMPE Diagnostics, headquartered in Sweden, is setting up a global production facility in Genome Valley that will produce 2 million TB diagnostic kits per month.
* GMM Pfaudler is to expand its glass line equipment factory in Hyderabad with an investment of $10 million (Rs Rs 77 crore).
* Ferring Pharma, headquartered in Switzerland, will establish another formulation unit in Hyderabad, investing Rs 500 crore.
* Zurich-based Swiss Re, the world’s largest insurance company, will launch its Hyderabad center with an initial staff of 250, focusing on data and digital capabilities, product modeling and risk management .
* Abu Dhabi-based Lulu Group will invest Rs 500 crore to establish a world-class food facility for export.
* The Spanish Chemo Pharma is investing 100 crores of rupees to expand its factory in Hyderabad.
* Telangana has signed a pact with Mastercard for solutions that contribute to the rapid digitization of citizen services.
“Our food processing plant will have backward linkages and provide a remunerative market for farmers engaged in horticulture and animal husbandry,” says Lulu Group Chairman and CEO MA Yusuff Ali MA. The group also plans to establish a second food processing plant and invest more in the construction of large-scale commercial complexes in the state. “We have already selected several areas in Hyderabad and are in talks with the owners. Our goal is to build an international standard mall in Hyderabad,” says Ali.
“India Welcomes the World, Telangana First Step” is the state’s aggressive sales pitch to attract investment and rapidly develop Hyderabad as a global city. Some of the memorandums of understanding signed and agreements reached in Davos stem from earlier talks, with the Telangana Rashtra Samithi (TRS) government hoping to kick-start a significant number before parliamentary elections next year. Analysts point out that Telangana could have attracted more investment in more propitious times given the booming infrastructure and administrative response system to accommodate investors as Hyderabad evolves into a global city.
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