South Korean automobile manufacturer Hyundai has announced that it will invest Rs 1,400 crore in Telangana, giving a major boost to the automobile sector in the state. The investment was announced as part of the upcoming Telangana Mobility Valley, where Hyundai will be setting up proving grounds or test tracks. Hyundai will be a stakeholder and a consortium partner in the Telangana Mobility Valley project, the state government has said. The announcement was made during a meeting of Hyundai President and Chief Innovation Officer Youngcho Chi with state Minister KT Rama Rao at the Telangana Pavilion in Davos, Switzerland, at the World Economic Forum (WEF) summit. Various collaborations were also discussed in the meeting.
Minister KTR said Hyundai’s presence will further strengthen the mobility sector in the state, adding that Telangana is the first state to set up a ‘Mobility Valley’. He assured the leadership team of Hyundai of complete support from the state government in the setting up of their proving grounds. “It is our government’s endeavour to develop Telangana state into an automotive powerhouse,” he said.
Many other companies have also come forward to invest in Telangana at the WEF summit so far. Lulu Group announced that it would invest Rs 500 crore, while Spain's Chemo Pharma announced to invest Rs 100 crore in their Hyderabad site expansion over the next two years. Lulu Group would start their operations in the food processing sector in Telangana with an investment of Rs 500 crore, it said.
The investment was announced during a meeting between KTR and the head of Lulu Group Yusuf Ali in Davos. On behalf of the Telangana government, KTR handed over the necessary permission documents to Yusuf Ali for the food processing unit to be set up by the company. Yusuf Ali said that besides this investment, they also have plans of setting up another unit in the food processing sector and an official announcement in this regard would be made soon.
With PTI inputs
A great boost and a big investment for the Telangana Mobility Sector! @Hyundai_Global will be investing ₹ 1,400 Crores in setting up their proving grounds and will be a part of the proposed Telangana Mobility Valley#TelanganaAtDavos #InvestTelangana pic.twitter.com/t5N0fplvLF
— KTR (@KTRTRS) May 26, 2022