Telangana Chief Minister K Chandrasekhar Rao, on Thursday, inaugurated a railway coach factory, set up by Medha Servo Drives Pvt Ltd, at Kondakal.
The investment for the project is ₹805 crore and 558 people have already been employed and an additional 500 people have benefited indirectly.
Moreover, there are plans to create employment opportunities for approximately 1000 more individuals in the near future.
The state-of-the-art facility is built in an area of 33,000 square feet.
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Medha Servo Drives had also inked a joint venture (JV) agreement with Swiss railway rolling stock manufacturer Stadler Rail.
The joint venture will use the Telangana unit to cater to the Indian market and exports to customers across the Asia Pacific region.
Speaking on the occasion, the Chief Minister said Telangana Industrial policy (TS-iPASS) was attracting huge investments to the state. The investors could go ahead with setting up industries with deemed approval in case of any delay in responding to the applications from officials beyond 15 days, he added.
Complementing Medha on its new factory, Rao said it would also attract global majors to invest in Telangana.
Hyderabad-based Medha Servo Drives had also signed an MoU with the Government of Telangana for setting up Coach Factory in 2017. The company is focused on rail transportation. In addition to Railway domain, Medha has now diversified its product portfolio to include Solar inverters and Electric Vehicle Propulsion Systems.