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TS rakes in huge investments on first day of Davos WEF meeting
World Economic Forum
Succeeded in inviting big companies like Lulu Group and Swiss Re to set up their outlets in Telangana
Hyderabad: On the first day of World Economic Forum in Davos, Telangana IT and Industries Minister K T Rama Rao held a series of meetings with various industry leaders at the Telangana pavilion and succeeded in inviting big companies to set up their outlets in Telangana state. The Lulu Group has come forward to invest Rs 500 crore in Telangana. The investment was announced during a meeting between KTR and the company head Yusuf Ali in Davos. Lulu Group will start their operations in the food processing sector in Telangana with an investment of Rs 500 crore.
On behalf of the Telangana government, the Minister handed over the necessary permission documents to Yusuf Ali for the food processing unit to be set up by the company. Yusuf Ali said that besides this investment, they also have plans of setting up another unit in the food processing sector and an official announcement will be made soon in this regard. He said that 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 like Europe.
Yusuf Ali also said that the Lulu group would invest more in the construction of large-scale commercial complexes in the State. "We have already selected several areas in Hyderabad city in this regard and are in talks with the respective property owners. Our aim is to build an excellent shopping mall of International standards in Hyderabad city," he added.
Minister KTR welcomed Swiss Re, the world's largest insurance company to Telangana. The firm will be setting up their office in Hyderabad this August. Swiss Re is a 160-year-old insurance organisation, headquartered in Zurich, Switzerland and operates in 80 locations globally. Swiss Re's Hyderabad centre will start with an initial headcount of 250 and will be focusing on data and digital capabilities, product modeling, and risk management. Veronica Scotti, Group Managing Director and Ivo Menzinger, MD Public Sector Solutions, Swiss Re met KTR and Telangana delegation at the Telangana pavilion.
