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Apollo Micro Systems Ltd (AMSL) is planning to set up a defence equipment manufacturing facility in Telangana at an investment of Rs 150 crore. The proposed facility will come up on an area of 3 lakh sq ft at its facility in Hyderabad, AMSL said in a statement on Monday. "Apollo Micro Systems Ltd proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad. The company has estimated total investment in the upcoming ventures to be around Rs 150 crore," it said. The company said it is planning to complete the project in nine months. The company recently incorporated a wholly owned subsidiary -- Apollo Defence Industries Private Ltd -- to take forward its plans of manufacturing defence equipment. This subsidiary will focus on forming alliances and technological partnerships with international companies to provide cutting-edge defence solutions and serve the nation, the statement said. Baddam Karunakar Reddy, Founder and Managing Director
Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries. India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said. "As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India. "Even as they are headquartered there, it might be useful for them to think of sourcing many things from here and producing from here at least for markets in this part of the globe," Sitharaman said at an event here. She said the suspected long-drawn recession, which is likely to affect Europe, is not just going to affect expo