The Lulu Group has said it would invest ₹500 crore to set up a food processing factory in Telangana.
Lulu Group Chairman Yusuf Ali made this announcement in Davos on Monday after his meeting with Telangana IT and Industries Minister K T Rama Rao at Davos (Switzerland) on the first day of World Economic Forum 2022.
The Minister has handed over documents, giving required permissions to set up the factory in the State.
“We will set up another another unit in the same sector soon. We will make an announcement later,” Yusuf Ali said.
“We are also in touch with property owners to construct large-scale commercial complexes in Telangana,” a Telangana Government statement, quoting the Lulu group Chairman, said.
Swiss Re office in Hyderabad
The Minister said Swiss Re, a 160-year-old insurance company, would set up an office in Hyderabad in August 2022 with 250 employees. The facility will focus on data and digital capabilities, product modelling, and risk management.
Veronica Scotti, Group Managing Director and Ivo Menzinger, Managing Director (Public Sector Solutions) of Swiss Re, met the Minister at the Telangana pavilion in Davos.
Meanwhile, Meesho, an e-commerce company, announced that it will set up a facility in Hyderabad. “We will be working with the State Government in onboarding retail sellers from tier-ii cities,” the company said.
Lifesciences Vision for 2030
Earlier speaking at a panel discussion on ‘Telangana Life Sciences Industry’s Vision For 2030’ at the venue, the Minister said that the life sciences sector in India needed revolutionary reforms to strengthen the sector and compete with the world.
Stating that Telangana has emerged as the Vaccine Capital of the World, he said that the Hyderabad Pharma City, coming up in an area of 19,000 acres, would become the world’s largest pharma cluster.
“We have created a synergy between academia and industry which helps in coming up with solutions for various real time issues,” he said.