Hyundai to drive into TS with `1,400 crore
Major boost for Telangana Mobility Valley
Hyundai, Asia’s engineering and automotive giant, has announced plans to invest
`1,400 crore in Telangana and set up ‘proving grounds’ in the Telangana Mobility Valley.
The announcement was made in Davos on the sidelines of the World Economic Forum summit, at a meeting between Hyundai executives and industries minister K.T. Rama Rao on Thursday.
Hyundai will be a stakeholder and a consortium partner in the first-of-itskind New Mobility Valley created by the state government. Hyundai president and CIO Young Cho Chi and Rama Rao jointly made the announcement.
The minister said the state government will fully support Hyundai in this venture and that the government’s endeavour was to develop Telangana into an automotive powerhouse.
Among the announcements made during the meetings Rao held with other industry leaders was an investment of
$10 million by GMM Pfaudler for expansion of its glass-line equipment manufacturing facility in Hyderabad. The company manufactures glass-lined reactors, tanks and columns for pharmaceutical and chemical companies.
In another announcement, Sweden-based EMPE Diagnostics said it will set up its global production facility for tuberculosis diagnostic kits in Hyderabad with plans to produce two million TB diagnostic kits per month with an investment of around `25 crore. The company is currently conducting clinical evaluations in five countries for such diagnostic kits.
Rao, during a discussion on the innovation sector in India, said India was improving its innovation and startup ecosystem. To overcome challenges India faces on different fronts and to provide solutions, a requirement is of improving the innovation framework, along with a focus on incubating new technologies and incorporating them into productive means, he said.