HYDERABAD: Skyroot Aerospace would invest `500 crore in setting up a private rocket manufacturing, integration and testing unit in Telangana. A memorandum of understanding to this effect was signed between the Telangana government and Skyroot Aero Space at the World Economic Forum in Davos on Tuesday. Expressing his happiness over the agreement, Chief Minister A Revanth Reddy said he was proud that a Hyderabad-based company had achieved success in the field of cutting-edge technology. He congratulated the youth of Telangana for showcasing their excellent talent in the world and coming forward to invest in the state. The Chief Minister said that the government’s partnership with Skyroot Aerospace would demonstrate its strategic vision in the space sector. Revanth Reddy said that Hyderabad would soon be developed as a hub for private sector space activities. Skyroute Aerospace co-founder Pawan Chandana said they are happy to invest in Telangana and would be a part of achieving the goals of Telangana Rising and Hyderabad Rising under the leadership of Revanth Reddy. Similarly, minister D. Sridhar Babu held detailed discussions with the MTC Group on expanding their hub-and-spoke model to Telangana. The Mitsui Japan group holds 25 per cent equity in the MTC Group. During the discussions, various plans and projects, and efforts will begin soon to identify land for their investments in Telangana. Sridhar Babu also welcomed and met Khalid Mohammed Al-Salem, federal minister, and president of the royal commission for Jubail and Yanbu, Saudi Arabia, at the Telangana Pavillion on Tuesday. During their meeting, they discussed a variety of issues and scope for working together and the opportunities for investment into the Telangana Rising vision. The Saudi official assured Sridhar Babu that Saudi Arabia was keen to find the best investment opportunities that also align to the values like sustainability, and long-term impact on people and environment.
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