The Telangana government has signed a memorandum of understanding (MoU) with Daifuku Company, which provides automated material handling technology and solutions. The company is setting up a new manufacturing facility at Chandanavelli, Hyderabad.
Daifuku Company signed an agreement in the presence of Telangana Industries Minister KT Rama Rao. The company will invest Rs 450 crore and provide employment to over 800 people.
The new factory with a footprint of more than 200,000 square feet will expand its current facility of 60,000 square feet at Pashamylaram.
The new facility, which is likely to come up at Chandanvelli, in the first phase envisages a planned investment of Rs.200 crore and Daifuku plans to operationalise the new facility within the next 18 months.
Speaking on the occasion, Minister KTR said land was a luxurious commodity and wanted manufacturers to be more creative and make new inventions. The Minister highlighted the need to focus more on the manufacturing sector, saying India must complete all of its growth and development in the sector in 10 years, as opposed to the United States, which completed it in 30 years, and China, which completed it in 25 years.
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(With inputs from ABP Desam — It is a Telugu platform of ABP News. For more news, commentary and latest happenings from two Telugu states, follow https://telugu.abplive.com//amp)