Davos [Switzerland], January 21 : Telangana government has signed an MoU with Skyroot for integrated, private rocket manufacturing, integration and testing facility at Davos.
CM Revanth Reddy has expressed delight with the development, saying, "Nothing like seeing our homegrown firms making it big on a global level"
Chief Minister Reddy and IT and Industries Minister D. Sridhar Babu oversaw the signing of a Memorandum of Understanding (MoU) with Skyroot Aerospace, a Hyderabad-based company in space technology sector.
The MoU envisages the firm would establish an integrated private rocket manufacturing, integration and testing facility in Telangana. '
The new project will see Skyroot making an investment of around Rs 500 crore, which be amongst the largest integrated private-sector rocket manufacturing, integration and testing facility.
"I am delighted to see a Hyderabad-based company achieving great success. I welcome their decision to invest in Telangana. This agreement demonstrates how young minds of Telangana are working on every fascinating cutting-edge technology in the world," the CM said.
"The partnership with Skyroot highlights Telangana's strategic focus on Space and Aerospace sectors. We will soon make Hyderabad the focal point of private sector space work," IT and Industries Minister D. Sridhar Babu added.
Pawan Kumar Chandana, co-founder Skyroot , said, "We are delighted to be investing in Telangana under the leadership of Shri Revanth Reddy garu. After a long time, there is great energy and optimism about the state and its future. We want to be part of the Telangana Rising and Hyderabad Rising vision and mission."
Separately, IT and Industries minister D. Sridhar Babu welcomed and met Eng. Khalid Mohammed Al-Salem, Federal Minister, and President of the Royal Commission for Jubail and Yanbu, Saudi Arabia, at the Telangana Pavillion today at Davos.
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 Arabia minister assured the Sridhar Babu that Saudi Arabia as a country was keen to find the best investment opportunities that also align to the values like sustainability, and long-term impact on people and environment.