The Charismatic Chief Minister of Telangana K Chandrasekhar Rao has a Golden Boy – KT Rama Rao, who touches anything to turn it into gold! This time KTR has touched and woed global multibillionaire and Lulu Group Chairman Yusuffali or Yusuf Ali to invest Rs 500 Crore in Golden Telangana – India’s youngest state with the brightest prospects. It is only natural that the Lulu group comes to Hyderabad as Lulu in Arabic means ‘pearl’ and Hyderabad is famous as the City of Pearls!
The Lulu Group has come forward to invest Rs 500 crore in Telangana with a promise to scale up the investment later. The investment was announced during a meeting between Telangana’s IT and Industry Minister KT Rama Rao (KTR) and the Lulu company chief Yusuf Ali in Davos. The Lulu Group will start its operations in the food processing sector in Telangana. On the first day of the World Economic Forum in Davos, the Telangana IT and Industries Minister KTR held a series of successful meetings with various international industry leaders at the Telangana pavilion and attracted investments worth crores in Telangana.
On behalf of the Telangana government, the young and energetic Minister KTR handed over the necessary permission-related documents to Yusuf Ali for the food processing unit to be set up by the global chain. Yusuf Ali disclosed that besides this investment, they also have plans of setting up another unit in the food processing sector. An official announcement will be made soon in this regard. He declared that 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 in Europe.
The global Malayali Yusuf Ali also visualised 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. Hopefully, it becomes a reality this time. Not only the Telangana biddas (sons of the soil) will get jobs but also the real estate sector will zoom in after the pandemic-induced slowdown. The elated Minister KTR expressed happiness over Lulu Group’s decision to invest in Hyderabad, one of the fastest-growing cities in the country. KTR observed that, “Telangana government was working towards establishing a demand for agricultural products and agricultural allied products through food processing units. Lulu Group is setting up an international level food processing unit that will help this cause.” He thanked the Lulu Group for the valuable investment.
Enjoying the scenic beauty of Switzerland, KTR also welcomed Swiss Re, the world’s largest insurance company to Telangana. The firm will set up its office in Hyderabad this August. Swiss Re is a 160-year-old insurance organization, headquartered in Zurich, Switzerland, and operates in 80 locations globally. Telangana’s insurance scene will be global with Swiss Re’s foray into Hyderabad. The Swiss Re’s Hyderabad center will start with an initial headcount of 250. The insurance company will focus on data and digital capabilities, product modeling, and risk management. Veronica Scotti, Group Managing Director, and Ivo Menzinger, MD Public Sector Solutions, Swiss Re met Minister KTR and the Telangana delegation at the Telangana pavilion in Davos today to finalise the deal.
The Spain-based Chemo Pharma announced Rs.100 crore investments in the expansion of its existing unit in Hyderabad for the production of pharmaceutical finished dosage forms. It may be recalled that the company had established additional Quality Check and Stability Labs at their existing facility at Genome Valley last year. The company is planning to initiate a new Active Pharmaceutical Ingredient and R&D Centre in Hyderabad while continuing new product development activities in solids and injectables in Hyderabad. KT Rama Rao met Chemo Group R&D Director (Pharmaceuticals Generics Business), Dr. Jean Daniel Bonny, during the World Economic Forum (WEF).
In 2018, Chemo India Formulation started its operations at Genome Valley, Hyderabad. Since then, the company has invested about Rs. 170 crores so far, besides providing employment to nearly 270 people. During his meeting with KT Rama Rao, Dr. Jean said the company had taken up around 25 new development projects in solids and 12 new development projects in injectables. KTR chuckled: “I am delighted that Chemo, a leading pharmaceutical company, is continuing to grow from Hyderabad. This is indeed a testament to the life sciences ecosystem in the city and Genome Valley.”
In the coming days, KTR is sure to mop up more investments from Davos.