Telangana attracts huge investments on Day 1 of World Economic Forum Summit
India Today
On Day 1 of the World Economic Forum Summit in Davos, Telangana attracted an investment of Rs 500 crore from the Lulu Group, which will initially set up a food processing unit. Swiss Re, the world’s oldest insurance company, will also set up an office in Hyderabad by August 2022.
On the first day of the World Economic Forum (WEF) in Davos, Telangana IT and Industries Minister KT Rama Rao (KTR) held a series of meetings with various industry leaders at the Telangana pavilion.
Huge investments have been announced for Telangana on day one. Many companies have come forward to invest in Telangana after their meetings with KTR, who is leading the Telangana delegation at the WEF 2022.
Among others, the Lulu Group has come forward to invest Rs 500 crore in Telangana. The investment was announced during a meeting between minister KTR and the company head, Yusuf Ali, in Davos. Lulu Group will start their operations in the food processing sector in Telangana with a huge investment of Rs 500 Crore.
On behalf of the Telangana government, minister KTR handed over the necessary permission documents to Yusuf Ali for setting up the food processing unit.
Yusuf Ali said that besides this investment, they also have plans to set up another unit in the food processing sector and an official announcement will be made soon in this regard. He said they will be laying the foundation stone for their food processing units soon.
The company’s unit would export food processing products from Telangana to foreign countries in Europe.
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