Hyundai to invest ₹1,400 crore in Telangana

Heavy investments are likely to pour into Telangana with several companies announcing their intentions including Hyundai that will invest ₹1,400 crore in Telangana Mobility Valley while Swiss-based EMPE Diagnostics has announced setting up of their global production facility at Genome Valley with an aim to produce 2 million tuberculosis (TB) diagnostic kits per month investing ₹25 crore.

Meanwhile, Telangana and Mastercard have signed a Memorandum of Understanding (MoU) to formalize a Digital State Partnership aimed at delivering world-class solutions with a focus on small and medium-sized businesses (SMBs) and farmers.

These announcements came at the World Economic Forum in Davos in the presence of the IT Minister, K.T. Rama Rao, who is leading the Telangana government’s delegation.

Giving a major boost to the Mobility Sector in the State, Hyundai announced an investment of ₹1,400 crore in the upcoming Telangana Mobility Valley and it will Test tracks there. The announcement was made during a meeting of Hyundai President, YoungCho Chi with Minister KTR at Telangana Pavilion in Davos. Various collaborations were also discussed at the meeting.

Minister KTR stated that the presence of Hyundai will further strengthen the Mobility sector in the State and assured the Hyundai leadership of complete support from the government. “It is our government’s endeavour to develop Telangana state into an automotive powerhouse,” he said.

MoU with Mastercard

Another MoU was signed in the presence of KTR and Michael Froman, Vice Chairman and President, Strategic Growth, Mastercard, that will lead to collaborations in priority areas including but not limited to disbursements, digitization of agricultural supply chains, cybersecurity, and digital literacy.

The solutions are aimed at supporting disbursements in the state, building capacity among SMBs and enabling farmers to increase their incomes, KTR said.

“Mastercard is committed to contributing to a more inclusive, sustainable world, where the digital economy works for everyone, everywhere. The initiatives will accelerate digitization and positive change in the lives of its citizens and SMBs,” said Mr. Michael Froman.

EMPE Diagnostics announced the setting up of their global production facility at Genome Valley with an aim to produce 2 million tuberculosis (TB) diagnostic kits per month. The company will employ around 25 people in Hyderabad.

Currently, EMPE Diagnostics is conducting clinical evaluations in at least 5 countries for their diagnostic kits for tuberculosis. The products to be produced in Hyderabad will be sold globally. The company also plans to invest around ₹50 crore in this facility with additional employment for around 150 people. Over the years, the company is planning to invest around 25 million Euros in the facility. The announcement came at KTR’s meeting with Dr. Pavan Asalapuram, Chief Executive Officer and Founder of EMPE Diagnostics.

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Printable version | May 27, 2022 1:18:44 am |