Leo intends to establish the plant in a joint venture with Voith Group from Germany, a state government release said.
Leo Group has also shown interest to set up an IT and research centre.
Representatives of Leo met Telangana IT and Panchayat Raj Minister K T Rama Rao, son of Chief Minister K Chandrasekhar Rao, here today.
Leo officials said work would start on the plant by 2016 and the project would provide direct employment to about 2,000 people.
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