4 days ago
UAE cos to invest Rs 2,125 cr in TG
Hyderabad: In a significant boost to Telangana's investment landscape, UAE-based companies Shaiva Group and Taranis Capital on Tuesday inked agreements to invest Rs 2,125 crore in the state.
IT and Industries Minister D Sridhar Babu announced that the two firms signed Memorandums of Understanding (MoUs) with five Telangana based companies. This partnership is set to generate employment opportunities for 5,020 youth in the state.
The companies, which are into biotech space, will focus on initiatives such as reducing sugar content in consumables, anti-diabetic innovations and food management products.
The two companies will invest Rs 1,360 crore in Revelations Biotech, Rs 340 crore in Manakin Bio, Rs 80 crore in Svobodha Infinity Investment Advisors, Rs 90 crore in Exigent Drilling Technology Pvt Ltd and Rs 55 crore in Yentra Tech Controls.
Addressing the media later, the minister said the two prominent UAE based investors chose to become partners in Telangana's journey of inclusive growth and development.
Over the next three years, the two firms expressed interest in investing an additional Rs 24,000 crore in key sectors such as biotech, AI, data centers, defense, energy, fintech, and public infrastructure, he added.
The minister expressed his heartfelt gratitude to the investors for placing their trust in Telangana and aligning with the vision of 'Rising Telangana'.
Highlighting the importance of skilling, Sridhar Babu noted, 'Our greatest asset is the talent of our youth. Yet, industry leaders often voice concerns that graduates lack job-ready skills.
To bridge this gap, we have established the 'Young India Skills University' designed with international standards to prepare a ready-made, skilled workforce tailored to the industry needs.'
Shaiva Group Chairman & CEO Amit Jagannath Varma, Taranis Capital CEO Nicholas S Bingham, Revelations Biotech MD Ravichandra Beeram and others were present.
