In a major setback to the Chandra Babu government, an Australian firm and Hero MotoCorp will be investing Rs 2500 crore in Telangana.
A fortnight back or rather exactly 14 days back, Chandra Babu tweeted that Hero MotoCorp would set up shop in Andhra Pradesh. But a fortnight later, a team from Hero MotoCorp visited Hyderabad and checked out possibilities to set up a two-wheeler manufacturing unit.
The team visited various locations around the Outer Ring Road. It has to be recollected here that KTR had announced in the past that the area surrounding ORR would be developed on a priority basis.
If the deal is finalized, then the work on the project is likely to begin within six months to one year. The project will bring in an investment of Rs 1200 crore to Rs 1500 crore to the Telangana state.
According to sources, Hero is said to be keen on investing in Telangana vis-à-vis Andhra Pradesh. Similarly, another Australian firm NSL Consolidated Limited is likely to invest Rs 1000 crore in iron ore units. This project will create nearly 1000 jobs as the company will be setting up iron ore pellet manufacturing units in Atmakur in Karimnagar district and at Siddipet in Medak district.
If both the projects are finalized, it will be a huge win for KCR who has been showing keen interest in securing investments over Babu and they will also be the first major investments in the newly formed state.
The Chief Operating Officer of NSL met Chief Minister KCR at Marri Chenna Reddy HRD Institute on Wednesday and in a statement issued later, he announced that his company wants to set up units producing iron ore pellets which would be used in the steel industry. An estimated 200 million tonnes of iron ore is available in Karimnagar and Medak districts. NSL would invest Rs 1000 crore in Karimnagar during the first phase to start pellet units.
Later, addressing media, KCR said that Freeman and his government will be utilizing the natural resources in the Telangana region for industrialization and job creation.
