Hyderabad: Telangana has attracted several French companies across sectors and is vying for more investments in future. Telangana Industries Minister KT Rama Rao said that the State can become a growth enabler particularly for medium and small French companies that are looking to set up manufacturing facilities in India.
Speaking at a plenary session at IFCCI Investment Conclave held here on Friday, the minister said, “Several French and other overseas companies have expanded their operations in Telangana over the years and this proves that the ecosystem is best suited for companies to scale up, and medium and small companies from France will gain from it.”
The French investment scenario in Telangana is receiving a boost as several companies are keen to expand their operations. He said the French fruit beverages manufacturing company Georges Monin has doubled investment in its upcoming syrup manufacturing plant in Telangana to Rs 200 crore.
He mentioned that Telangana has been the favourite destination for IT, Aerospace, Life Sciences, and Pharma companies. The State is today home to many French companies across industries and many more are showing interest in investing in Telangana.
“If any French company wants to invest in India and can mention what other States are offering, we will meet their offer or beat their offer,” he emphasised.
KTR further added, “Telangana is one of the fastest-growing States in the country. According to a recent RBI report, the State is the fourth largest contributor to the Indian economy though Telangana stands 12th in terms of population and 11th in terms of geographical area in the country. Since the formation of the State, the Telangana Government has been introducing innovative policies to attract global firms and investments.”
Highlighting the TS-iPASS policy, the minister said that the Telangana government has been giving approvals for various investment proposals within fifteen days. He added that through this policy, the State government gave approvals to about 17,302 industrial units attracting over Rs 2.2 lakh crore investments and ensured over 16 lakh direct jobs. Of these, over 80 per cent of the units have commenced their operations already.
The State also has seen repeat investors. For instance, HSIL has made eight investments in Telangana and has always chosen the State for its expansion.
He added, “If we see sectorally, Hyderabad has become a major IT hub attracting large IT majors such as Apple, Google, Microsoft, Facebook and Amazon setting up their largest bases outside of their headquarters. Amazon has shown its confidence in the ecosystem by setting up its largest office ever in Hyderabad spread over 3.1 million sq ft. Capgemini employs over 10,000 employees in the city alone. Uber, Salesforce and Novartis have also created large operations in the city.”
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.