VEM Technologies has signed a Memorandum of Understanding (MoU) with the Telangana government for setting up an "Integrated Defence Systems Facility" at Yelgoi in Zaheerabad with an investment of Rs 1000 crore.
The initiative is also expected to generate two thousand employment opportunities in the region over the next five years.
The MoU was signed between Jayesh Ranjan, principal secretary of Industries & Commerce and IT departments, and managing director and chairman of VEM Technologies Pvt Ltd V Venkata Raju.
KT Rama Rao, Minister for Industries and Commerce, Dr. VK Saraswat, NITI Aayog member, Dr. G Satheesh Reddy, secretary and chairman of DRDO were also present in the ceremony.
"Hyderabad is the strongest defence hub in the country with large DRDO labs and defence PSUs. It is also the most preferred Aerospace and defence manufacturing destination," said KT Rama Rao.
He also said that VEM Technologies is a leading example of how a local Telangana-based company with humble beginnings has grown to be a technology leader in the defence and aerospace sector.
Considering the strategic nature of the project and the potential for high-value employment creation, the state government has accorded mega project status and has agreed to allot the required land along with other incentives to support the project.
VK Saraswat congratulated the government and KT Rama Rao for encouraging more and more industries to come up in the state.
"The government is very supportive and it is just with a phone call things are getting implemented here. Be it land clearances, permissions, or anything," said Satheesh Reddy.