Nineteen firms to invest Rs.1,087 crore in Telangana
news Thursday, July 23, 2015 - 05:30
Toshiba, Micromax, Tata Sikorsky, Air India are among 19 companies which have come forward to invest Rs.1,087 crore in Telangana. Chief Minister K. Chandrasekhar Rao handed over letters of approval to the investors here on Wednesday. The clearances were given under the single window policy launched last month. The investments both in the new units and also expansion of existing units will be made in Ranga Reddy, Mahaboobnagar, Medak and Warangal districts, with a total investment of Rs.1,087.37 crore and would provide employment for 5,321 people, said a statement from the Chief Minister's Office. The units include pharmaceutical formulations, manufacture of helicopter cabin kits, steel and iron alloy castings, footwear accessories and cell phones. Toshiba Transmission and Distributions Systems India Private Limited will invest Rs.290 crore to set up a unit for manufacturing of transformers and switchgears in Medak district. Mobile phone maker Micromax received a letter of approval to set up a phone-making unit with an investment of Rs.80 crore in Ranga Reddy district. Shrinath Rotopack will make an investment of Rs.165 crore in a plastic packaging unit in Mahaboobnagar district. Spanish Company CHEMO, which is a global pharma company, has also received an approval letter. Tata Sikorsky Aerospace Ltd. will invest Rs.21.5 crore in its unit to manufacture helicopter cabin kits and parts. Air India Engineering Services Ltd. will invest Rs.31 crore in aircraft maintenance. The chief minister told the investors that they should be the industrial ambassadors of Telangana state. While launching the industrial policy, KCR had promised that all clearances to the investors will be given within 10 days of their applications. Under the first phase, the chief minister on June 23 gave letters of approval to 17 units which will be investing Rs.1,500 crore. IANS
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