Welspun Group to invest Rs 3,000-5,000 crore in Telangana over next five years
IT and Industries Minister KT Rama Rao welcomed the announcement from the Welspun Group
Hyderabad: Mumbai-based Welspun Group, one of India’s fastest growing multinational conglomerates, has announced plans to invest Rs.3,000 crore to Rs.5,000 crore in Telangana through its subsidiary companies in different sectors over the next five years. IT and Industries Minister KT Rama Rao welcomed the announcement here on Wednesday.
The investment would be in addition to Rs.2,000 crore being spent for establishment of the Welspun Group’s advanced textile facility at Chandanvelly in Rangareddy district, which was inaugurated by the Minister on Wednesday. With an investment of Rs.500 crore, this facility is Welspun’s second investment in the same vicinity after setting up a flooring facility valued at Rs.1,500 crore two years ago. Welspun was one of the first investors in Chandanvelly, which is fast emerging as an industrial hub.
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After inaugurating the advanced textile facility, Minister Rama Rao assured complete support to the company for expansion of its operations in Telangana. Elaborating on the efforts of the State government to attract investments, he asked the local administration and elected representatives to extend all support to companies setting up units in their locality to ensure employment for youth in their respective villages and towns.
He suggested that any issues arising out of industrial development should be resolved amicably, without compromising on employment opportunities for the locals. He also requested the Welspun Group to address the local issues under its Corporate Social Responsibility (CSR) activities.
“With the advent of Welspun Group and other industrial giants, the Chandanvelley and Sitharampur region will soon become the largest industrial hub in Telangana,” he said.
Following a request from Welspun Group chairman BK Goenka, Rama Rao assured to undertake expansion of the road from Shamshabad airport to Chandanvelly into a four-lane road. He also announced that the government would work out an action plan involving farmers for packaging and branding of cotton produced in the State which is of the best quality in the country. He also instructed the district administration and elected representatives to set up a skill development centre at Chandanvelly to train youth and women who can get employment in industries established in the area.
Goenka lauded the governance and policies of the State government, which he said, had inspired others as well. He pointed out that Telangana’s Mission Bhagiratha had inspired the entire country to provide drinking water to every household. The Welspun Group would expand its presence in Telangana and was also considering setting up its subsidiary unit for IT and IT enabled Services, he said.
Education Minister P Sabitha Indra Reddy, Welspun India chief executive officer and joint managing director Dipali Goenka and Chevella MP G Ranjith Reddy among others were present.
