HYDERABAD: Telangana struck gold on the first day of the World Economic Forum (WEF) Summit in Davos, Switzerland, with IT and industries minister K.T. Rama Rao (KTR) luring investments worth Rs 600 crore and commitments for the establishment of offices of Swiss Re, a Swiss insurance company, and Meesho, an e-commerce firm.
During the day, Rama Rao met with a number of business leaders at the Telangana pavilion at the World Economic Forum (WEF). The Lulu Group announced the greatest investment pledge, saying it would invest Rs 500 crore in Telangana's food manufacturing sector. Rama Rao made the announcement during a meeting with Lulu Group CEO Yusuf Ali.
On behalf of the Telangana government, Rama Rao presented Yusuf Ali with the required permission documents for the company's food processing unit. Yusuf Ali indicated that in addition to this investment, they were planning to open another food processing facility, and that an official announcement would be made soon.
He stated that the foundation stone for their food processing plants would be laid soon. Telangana's food goods would be exported to Europe and other parts of the world by the company's unit.
Yusuf Ali further stated that the Lulu group would increase its investment in large-scale commercial complexes in Telangana. "In this regard, we have already identified many places in Hyderabad city and are in discussions with the respective property owners." "Our goal is to develop an amazing shopping complex in Hyderabad that meets international standards," he added.
Telangana IT Minister KTR leaves for London en route Davos