Stadler Rail to roll into state
KTR strikes deal with Swiss company to set up coach unit in Hyderabad
Telangana continued to have a good outing at the World Economic Forum summit at Davos, Switzerland with the state IT and industries minister K.T. Rama Rao notching up more investments to the state from major international players in different sectors.
In one of the biggest such developments during the current WEF summit, Telangana, along with Switzerland-based Stadler Rail, on Wednesday announced a rail coach manufacturing facility in Hyderabad.
Stadler will set up the facility in partnership with home-grown Medha Servo Drives Private Limited, with Stadler holding the majority stake in the `1,000 crore project, which will be invested over two years. The joint venture is expected to employ over 2,500 people from the Telangana state.
The facility will be the primary manufacturing site for not only India, but also for customers across the Asia Pacific region.
Rama Rao said the investment decision showed the world the potential Hyderabad had to match global investment destinations in terms of quality of talent and output.
Meanwhile, another Switzerland based company, Ferring Pharma, announced establishment of a formulation unit in India in Hyderabad for manufacturing Mesalazine, with an investment of 60M (approximately `496 crore) over the next two to three years. The drug is used for long-term management of inflammatory bowel diseases including ulcerative colitis and Crohn’s disease. Ferring produces active pharmaceutical ingredient (API), Mesalazine, at two of its facilities – in Denmark and in India, near Mumbai.
Also on Wednesday, Schneider Electric of France agreed to set up its second manufacturing unit in Telangana, adding to its existing unit in Hyderabad, which was adjudged by WEF this year as the ‘Advanced Light House’ by implementing 4th ‘industrial revolution’ technologies including industrial internet of things, predictive and prescriptive analytics and artificial intelligence deep learning.