Davos day 4: KTR continues to usher in investments for Telangana

Hyderabad: On the fourth day of his Davos trip, Telangana IT and industries minister KT Rama Rao (KTR) announced the addition of a few more investments into the state.

KTR is participating in the annual World Economic Forum in Davos, Switzerland. He pulled in over Rs 600 crore in investments to Telangana on his first day, and continued to announce investments throughout the following days.

Hyundai to invest Rs 1400 crore

On Thursday, the Hyundai motor company announced that they will be investing Rs 1,400 Cr in setting up their proving grounds, and will be a stakeholder and a consortium partner in the first of its kind ‘New Mobility Valley’ created by the Telangana government.

The announcement was made after KTR met with YoungCho Chi, the president and CIO of Hyundai Motors.

GMM Pfaudler in Telangana

GMM Pfaudler announced expansion plans for glass-lined equipment manufacturing facility in Hyderabad. The new facility is set to house 300 employees and will total GMM Pfaudler’s cumulative investment to about USD 10 Mn (INR 1 crore).

GMM Pfaudler had previously invested USD 6.3 million in the acquisition of the glass lining equipment manufacturing facility in 2020 and within a span of two years, the company is making the additional investments to nearly double its capacity.

As KTR expressed his delight about the company’s expansion, CEO of GMM Pfaudler Thomas Kehl said, “As we continue to look at India to help us unleash synergies through value sourcing opportunities, our Hyderabad facility will play an important role.”

EMPE Diagnostics invests in Telangana

On the same day, EMPE Diagnostics also announced the setting up of their global production facility at Genome Valley in Hyderabad with an aim to produce 2 million Tuberculosis (TB) diagnostic kits per month. The company is investing around Rs 25 crores and will employ around 25 people in Hyderabad.

The announcement was made after KTR met with Dr Pavan Asalapuram, CEO and founder of EMPE Diagnostics at the World Economic Forum.

KTR 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 glad to note that Hyderabad will serve as the global production facility for EMPE diagnostics.”