The Telangana Chief Minister, K Chandrasekhar Rao, today announced that Korean electronics major Samsung has come forward to set up a manufacturing unit with an investment of $100 million.
Speaking at the inauguration of M&M manufacturing unit, Rao said that Samsung is one among many other firms likely to come forward and set up base in the State.
The new industrial policy and 24-hour power supply to industries will make Telangana an attractive destination for investments.
He said most of the concerns of industrialists are being addressed and a number of companies are coming forward to invest in the State, including a Rs 980-crore expansion by tyre major MRF.
He said that the single window clearance for industries monitored by him personally will make it attractive for industrial units to set up their base in the State.
Referring to the request made by M&M to bring about changes in tax structure, Rao announced that the input VAT on its facility would be brought down from 14.5 per cent to 5 per cent.
Responding to the changes, Pawan Goenka, Executive Director of M&M, said that this was a welcome move and augured well for the company's business.
He also requested the Chief Minister to procure tractors and other vehicles made by the company for its requirement.