TS in Davos: Hyundai to invest Rs.1,400 cr in Telangana

The announcement was made after Telangana’s minister for MAUD KTR met Hyundai’s president and CIO Young Cho Chi at the World Economic Forum in Davos

By Newsmeter Network  Published on  26 May 2022 1:16 PM GMT
TS in Davos: Hyundai to invest Rs.1,400 cr in Telangana

Hyderabad: In a big boost to Telangana's mobility sector, South Korean automotive manufacturer Hyundai on Thursday announced that it will invest Rs. 1,400 crores in Telangana to set up their proving ground. Also, Hyundai will be a stakeholder and consortium partner in the first-of-its-kind new mobility valley to be created by the Telangana government.

The announcement was made after Telangana's minister for municipal administration and urban development (MAUD) KTR met Hyundai's president and CIO Young Cho Chi at the World Economic Forum in Davos.

MoU with Mastercard to accelerate digitisation in state

The Telangana government on Thursday also signed an MoU with Mastercard to accelerate digitisation in the state. The MoU was signed between MAUD minister K.T Rama Rao and Mastercard VC and president Michael Froman in Davos on the sidelines of the World Economic Forum.

The MoU is expected to formalise a digital state partnership. As part of this, Mastercard will collaborate with the state on priority areas, including but not limited to disbursements, digitisation of agricultural supply chains, cybersecurity, and digital literacy.

This partnership will aim at delivering world-class solutions that contribute to the rapid digitisation of the citizen services in the state with a focus on small and medium-sized businesses (SMBs) and farmers.

Since Monday, several international investments have been coming to Telangana as part of the discussions and meetings held between investors and the Telangana delegation led by minister KTR at Davos.

Pharma investments

On Wednesday, the CEO of Serum Institute met KTR and discussed the possibilities of R&D and manufacturing in Telangana. KTR also invited pharma company Roche to invest in the state. He highlighted Telangana's vibrant life sciences ecosystem, mentioning Hyderabad Pharma City, Genome Valley, and Medtech Park, among others.

KTR reiterated the Telangana government's commitment in developing quality medicines and improving patient health and presented the investment opportunities offered by Telangana.

On Wednesday, Swiss pharma company Ferring also announced an investment of Rs. 500 crores to set up another formulation unit in Hyderabad.

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