Hyderabad: Medha Servo Drives Pvt Ltd, situated in Hyderabad, has entered into a joint venture with Swiss railway rolling stock manufacturer Stadler Rail for its rail coach production facility in Telangana, which will cost over Rs 1,000 crore. The Government of Telangana and Stadler Rail jointly announced their upcoming Rail Coach Manufacturing facility in Telangana on Wednesday.
As per reports, Stadler Rail Executive Vice President Ansgard Brockmeyer and the Principal Secretary for ITE&C, Government of Telangana, Jayesh Ranjan, signed a Memorandum of Understanding (MoU) in the presence of Minister KT Rama Rao in the Telangana Pavilion at the World Economic Forum in Davos.
Under the agreement, the company will invest Rs 1,000 crore in the manufacturing facility over the next two years. This unit is set to employ around 2,500 people from across the state. The centre is extremely important to Stadler Rail and Medha Servo as this would be the primary manufacturing site for their customers across the Asia-Pacific region.
Minister KT Rama Rao thanked the Stadler Rail Company for coming forward to set up their railway coach production facility in the southern state of Telangana. He said he was happy to make railway coaches that could be exported from the state of Telangana.
KTR also said that the investment proves that Telangana has become an attractive destination for global investment.