Davos Summit: Huge investments for Telangana on day 1

Hyderabad: On the first day of World Economic Forum (WEF) in Davos, Telangana IT and Industries Minister KT Rama Rao held a series of meetings with various industry leaders at the Telangana pavilion sources in Davos report.
Huge investments have been announced for Telangana on day one and many companies have come forward to invest in Telangana after their meetings with the industries minister KTR, who is leading the Telangana Delegation to WEF- 2022.
The Lulu Group has come forward to invest Rs 500 crore in the food processing sector in Telangana.
The investment was announced during a meeting between KTR and the company head Yusuf Ali in Davos.
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.
Mr. 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 while expressing happiness over Lulu Group’s decision to invest in Hyderabad, one of the fastest growing cities in the country, said that the Telangana government was working towards establishing demand for agricultural products and agricultural allied products through food processing units.
Lulu Group’s setting up an international level food processing unit will help this cause, he added.
The Minister also welcomed Swiss Re, the world’s largest insurance company to Telangana and the firm will be setting up their office in Hyderabad this August.
Headquartered in Zurich (Switzerland), the insurance company, which operates in 80 locations globally, will start its Hyderabad center with an initial headcount of 250 and will be focusing on data & digital capabilities, product modeling, and risk management.
This was announced by Ms. Veronica Scotti, Group Managing Director & Ivo Menzinger, MD Public Sector Solutions, Swiss Re after meeting with Minister KTR and Telangana delegation at the Telangana pavilion in Davos (UNI).