Chinese firm to invest $20 million in Hyderabad

Makeno, a Chinese firm has come forward to invest $20 million to set up LED TV unit in Hyderabad.

A memorandum of understanding (MoU) in this regard was signed on Thursday between Makeno and Hyderabad-based mobile phone manufacturer Celkon in Shanghai.

The agreement was signed in the presence of Chief Minister K. Chandrasekhar Rao, who interacted with Chinese industrialists at a meeting organized by the Confederation of India Industry (CII) and the Telangna government.

Two more Chinese companies in cell phone components and headphones have also come forward to invest in Hyderabad.

Shanghai Electric Corporation vice president Shao met the chief minister and expressed interest in setting up manufacturing and supply units of high powered pumps and electrical equipment in Hyderabad.

More than 65 Chinese entrepreneurs and companies participated in the meeting, said a statement from the chief minister's office here.

The chief minister explained the investment opportunities in the state and the details of single window industrial policy, the availability of land bank, hassle free permissions and approvals and zero corruption.

Inviting Chinese companies to invest in Telangana, he mentioned about chasing cell in CMO to take care of processing applications of investors. He said within a stipulated time of 15 days required permissions and approvals would be given.