Samsung to set up $100-mn unit in Telangana
22 April 2015
Korean electronics major Samsung is planning a major investment in Telegana, with an investment of $100 million, the state's chief minister K Chandrasekhar Rao announced today.
Rao said Samsung will be setting up a manufacturing unit in Zaheerabad in the state, involving investment of $100 million.
''The investment is likely to be around $100 million'', he said, adding that some of his ministerial colleagues will have further discussions with Samsung shortly.
Speaking after inaugurating the Rs250-crore expansion project of Mahindra group's automotive division in Zaheerabad, Rao highlighted the pro-industry initiatives of his government, including promise of all approvals within a fortnight.
He said Hyderabad has ''large scope'' to play host to electronic hardware industry and that Samsung is one among many other firms to come forward and set up base in the state.
Telengana, under its new industrial policy, offers 24-hour power supply, besides addressing most of the concerns of investors, in order to make the state an attractive destination for investments.
''Expand your industry, there are not going to be any power cuts'', he said, adding that the state is on course to supply required, quality power round the clock
On approvals for industry, he said that the TS-IPass legislation assuring clearances within 15 days for all projects will be implemented shortly.
''We are here to support industry, invest more, produce more and grow with Telangana,'' he said.
The chief minister said that on a request from Mahindra, the state government has reduced the input value added tax (VAT) from 14.5 per cent to 5 per cent, as a special case. He also expressed the hope the Mahindra will expand further.
Urging Mahindra & Mahindra Ltd executive director Pawan Goenka to provide employment to local youths, the chief minister said: ''Telangana was born after a lot of struggle and sacrifice. We have given you land, water, power and are ready to give you whatever you want. Please give jobs to local youth.''
Rao said he was aware of the issues plaguing the area and planned to come on a two-day programme soon with officials to western parts of Medak.