Tuesday, December 5, 2023

Companies flock to TS sans summits

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In the last nine years, Telangana has not conducted any investor summit. Even every week there are inaugurations and ground-breaking functions.

On Thursday, Industries Minister KT Rama Rao led the ground-breaking for the Kitex Group’s second project in Telangana at Seetharampur in Rangareddy District. The Kitex group which was fed up with Kerala government decided to move out.

Likewise, the Wellspun group, which was supposed to set up business in Gujarat and Karnataka, picked Telangana. In 2018, Wellspun had planned to expand in Gujarat. The equipment which was ordered for Gujarat was rerouted to Hyderabad.

Sintex BAPL Ltd., a wholly owned subsidiary of Welspun Corp Ltd, was supposed to go to Karnataka.

But on Thursday, KTR did the ground-breaking for Sintex to set up a manufacturing unit with an investment of Rs 350 crore.

Likewise, the Lulu group announced on June 26 that it will launch its first mall and hypermarket in Telangana and by September 27, Hyderabad got its biggest hypermarket.The Lulu group had withdrawn from the deal signed with the TDP government in Andhra Pradesh after the YSRCP came to power in 2019.

Amararaja Batteries Ltd planned to set up India’s largest Lithium-Ion cell giga corridor in Andhra Pradesh but later it moved it to Divitipally in Mahbubnagar district involving an investment of Rs 9,500 crore.

In 2020, the Andhra Pradesh government had taken back the land that was allotted to Amara Raja Batteries Ltd which was intended for setting up the Giga factory.

Officials said that not just the ease of doing business but peace of doing business is also important. Industries Minister KT Rama Rao said that investors are coming to Telangana because of KCR’s able leadership and stable governance.

“The situation is better in Telangana to do business as the law and order situation is good and as the government is an able facilitator,” he said.

“KCR says you need not organise any investor summit or vibrant summit. Keep existing investors happy. They will spread the word and repeat investments will keep coming back. Around 26% of investments in Telangana are repeat ones from our existing groups like Welspun. This is the biggest endorsement for Telangana and its government,” KTR said.

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