Davos [Switzerland], May 24 (ANI): On the first day of the World Economic Forum in Davos, the Telangana IT and Industries Minister KTR held a series of meetings with various industry leaders at the Telangana pavilion and brought investments worth crores in Telangana.
Many companies have come forward to invest in Telangana after their meetings with the IT and Industries Minister KTR who is leading the Telangana delegation to WEF- 2022.
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 its 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 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 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 of Telangana. "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 expressed happiness over Lulu Group's decision to invest in Hyderabad, one of the fastest-growing cities in the country.
KTR said, "Telangana government was working towards establishing a demand for agricultural products and agricultural allied products through food processing units. Lulu Group is setting up an international level food processing unit that will help this cause."
The Minister thanked the Lulu Group for investing Rs 500 crore in Telangana.
KTR also welcomed Swiss Re, the world's largest insurance company to Telangana. The firm will be setting up its office in Hyderabad this August. Swiss Re is a 160-year-old insurance organization, 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 & digital capabilities, product modelling, and risk management.
Veronica Scotti, Group Managing Director & Ivo Menzinger, MD Public Sector Solutions, Swiss Re Met Minister KTR and Telangana delegation at the Telangana pavilion in Davos today. (ANI)