`Telangana Rising': Revanth govt signs Rs 500 Cr investment MoU with Skyroot

DAVOS: Telangana government signed a Memorandum of Understanding (MoU) with Skyroot for establishing an integrated, private rocket manufacturing, integration, and testing facility in the state.

Chief Minister A. Revanth Reddy and IT & Industries Minister D. Sridhar Babu oversaw the signing of a Memorandum of Understanding (MoU) with Skyroot Aerospace, a Hyderabad-based company in the space technology sector.

The MoU envisages the firm would establish an integrated private rocket manufacturing, integration, and testing facility in Telangana. '

The new project will see Skyroot investing around Rs 500 crore, which is amongst the largest integrated private-sector rocket manufacturing, integration, and testing facility.

“I am delighted to see a Hyderabad-based company achieving great success. I welcome their decision to invest in Telangana. This agreement demonstrates how young minds of Telangana are working on every fascinating cutting-edge technology in the world," said Revanth Reddy.

"The partnership with Skyroot highlights Telangana’s strategic focus on the Space and Aerospace sectors. We will soon make Hyderabad the focal point of private sector space work.”

Pawan Kumar Chandana, co-founder, said, "We are delighted to be investing in Telangana under the leadership of Shri Revanth Reddy. After a long time, there is great energy and optimism about the state and its future. We want to be part of the Telangana Rising and Hyderabad Rising vision and mission."