Tirth Agro Technology Pvt. Ltd (Shaktiman), a leading agricultural implements manufacturer, will set up a centre of excellence and manufacturing facility in Telangana.
The proposed facility over 200 acres will manufacture farm machinery such as rotary tillers, power harrows, mechanical seed drills, compost shredders and flail mowers.
The Rajkot-based company, which manufactures agricultural implements with the brand name of "Shaktiman", on Thursday signed a Memorandum of Understanding (MoU) with the government of Telangana.
The officials of the company and the state government signed the MoU in the presence of Telangana's minister for industries and commerce K. T. Rama Rao.
This will be the second manufacturing facility of the company after Rajkot.
It is expected to generate direct employment for 500 people and indirect employment for about 1500 people.
Shaktiman is the largest manufacturer of farm machinery in India with a market share of more than 50 per cent and exports to over 77 countries. Its revenues during 2016-17 were Rs 725 crore.
Ashwin Gohil, Chairman, Shaktiman Agro, said that the manufacturing hub at Hyderabad will serve as a gateway to South India and will increase their business in the region and will also generate revenue for the state government.
The proposed centre of excellence aims to improve the process of farming in India by introducing new and advanced techniques and also skill upgradation to the farmers and students.
Rama Rao said that the government's priority is to encourage local manufacturers which provide employment to the local youth. The agriculture and industries departments will provide support to the unit.
The minister told the company management that Telangana is the fastest growing state with a revenue surplus economy and leading in ease of doing business.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)