Telangana Chief Minister K. Chandrasekhar Rao on Tuesday handed over permit papers to 17 investors, whose applications to set up new industrial units or expand the existing ones were approved within 10 days under the state's new industrial policy.The chief minister handed over the package of permit papers to representatives of 17 companies who will be investing Rs.1,500 crore. While nine companies will set up their units, eight others will expand their existing operations.The largest investment of Rs.774 crore will be made by multi-business conglomerate ITC Ltd, which will set up a food processing unit.Bhavana Solar (Rs.67.5 crore), Premier Photovoltaic (Rs.61 crore), Ushas Ventures (Rs.60.34 crore) and Value Labs (Rs.56.17 crore) will set up their power generation units. Dodla Dairy Ltd will invest Rs.50 crore to set up its unit.The state government has given all approvals to the investment proposals within 10 days against a time-limit of two weeks under the policy. This are the first investments received by the state since the launch of the new policy on June 12.The policy makes Telangana the first state in India to bestow on investors the right to get clearance of their projects within a set time-limit.Under the Telangana Industrial Project Approval and Self-Certification System (TS-iPASS), all the mega projects, over Rs.200 crore, will get clearance in 14 days while the other projects will be approved in a month.Industries Minister J. Krishna Rao said the policy would help attract huge investments. He said the industrialists hailed the initiative taken by the government.IANS