UAE Firms Pledge Major Investment in Telangana: A Boost for Local Economy

Hyderabad, Jun 10, (PTI): UAE-based companies, Shaiva Group and Taranis Capital, announced a substantial investment commitment of Rs 2,125 crore in Telangana. This strategic move follows the signing of Memorandums of Understanding (MoUs) with five Telangana-based companies.

The investment aims to channel Rs 1,360 crore into Revelations Biotech, Rs 340 crore into Manakin Bio, and Rs 80 crore into Svobodha Infinity Investment Advisors, among others. This initiative is poised to create employment for about 5,020 young people in the region.

State Minister for IT and Industries, D Sridhar Babu, highlighted the state's success in attracting investments over the recent months, with over 60,000 government jobs having been filled and Rs 3 lakh crore in investments brought in. Looking ahead, the two UAE firms plan to invest an additional Rs 24,000 crore in diverse sectors including biotech, AI, and public infrastructure over the next three years.

(With inputs from agencies.)