Day 1 @ Davos: Meesho to open facility in Hyderabad, Lulu Group to invest Rs. 500 Cr

Minister KT Rama Rao's attendance at World Economic Forum (WEF) has augured well for Telangana with international companies coming forward to invest in the state.

By Newsmeter Network  Published on  24 May 2022 3:44 AM GMT
Day 1 @ Davos: Meesho to open facility in Hyderabad, Lulu Group to invest Rs. 500 Cr

Hyderabad: Minister KT Rama Rao's attendance at World Economic Forum (WEF) has augured well for Telangana with international companies coming forward to invest in the state. KTR also met Andhra Pradesh Chief Minister Jagan Mohan Reddy at Davos on Monday.

E-Commerce company Meesho has announced opening their facility in Hyderabad. The company will be working closely with the government of Telangana in onboarding retail sellers in tier-II towns.

Meesho will be utilizing the tier-II IT hubs across Telangana along with utilizing the various platforms such as T-SAT and TASK Telangana. Minister KTR welcomed Meesho and its founder and CEO Vidit Aatrey to Telangana.

The Lulu Group also announced an investment of Rs. 500 crores in Telangana. The decision was made during a meeting of Lulu Group Chairman & MD Yusuff Ali with Minister KTR.

The firm is expected to create a world-class food processing facility entirely directed for exports to gulf countries & other global markets. The facility will have backward linkages and provide a remunerative market for state farmers involved in horticulture and Livestock rearing.

Minister KTR also met IT services company Fujitsu Global CEO Takahito Tokita at Telangana Pavilion arranged at the WEF venue. During the interaction, KTR invited the Japanese company to expand their R&D and manufacturing activities in Telangana, offering the technology & startup ecosystem with aid of THub and T Works, including strengthening academic collaboration with IIT Hyderabad.

Earlier in the day, Switzerland-based reinsurance firm Swiss Re's announced starting its Hyderabad center with an initial headcount of 250 in August. The company is expected to focus on data and digital capabilities, product modeling, and risk management. SwissRe is a 160-year-old insurance organization headquartered in Zurich, Switzerland. The company is the latest addition to Hyderabad's banking, financial services, and insurance (BFSI) sector and operates in 80 locations globally.

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