WEF 2022 at Davos: Lulu Group, Swiss Re line up investments in Telangana

Telangana IT and Industries Minsiter K T Rama Rao is leading the state delegation to World Economic Forum 2022 in Davos and held a series of meetings with investors

Telangana IT and Industries Minister K T Rama Rao (KTR) on Monday held a series of meetings with various industry leaders at the Telangana pavilion at the World Economic Forum (WEF) in Davos.

On the first day of the WEF in Davos, many companies came forward and announced their plans to invest in Telangana after their meetings with the KTR who is leading the state delegation at the annual meet.

The Lulu Group announced that it will invest Rs 500 crore in Telangana. It will start its operations in the food processing sector in the state with a huge investment of Rs 500 crore.

On behalf of the Telangana government, KTR handed over the necessary permission documents to Lulu Group Chairman & MD, Yusuf Ali.

Ali said they will be laying the foundation stone for their food processing units soon. The company's unit would export food products from Telangana to foreign countries like Europe.

"We have already selected several areas in Hyderabad city in this regard and are in talks with the respective property owners. Our aim is to build an excellent shopping mall of international standards in Hyderabad city," he said.

KTR also welcomed Swiss Re, the world's largest insurance company to Telangana, which will set up its office in Hyderabad in August 2022. Swiss Re is a 160-year-old insurance organisation, headquartered in Zurich, Switzerland and operates in 80 locations globally.

Swiss Re's Hyderabad centre will start with an initial headcount of 250 and will focus on data and digital capabilities, product modelling, and risk management.

While speaking at a panel discussion on 'Telangana Life sciences Industry's Vision For 2030', KTR stated that the life sciences sector in India needs revolutionary reforms to strengthen the sector and compete with the world.

According to KTR, India needs a conducive regulatory framework in the life sciences sector.

KTR highlighted that Telangana is known as the "Vaccine CapitaDavosl of the World" and Life Sciences capital of the country. He added that Hyderabad Pharma City spread across 19,000 acres will be the world's largest pharma cluster.