Skyworth group, a China-based consumer electronics manufacturer, on Friday signed an MOU with the Telangana Government for setting up a state-of-the-art manufacturing facility with an investment outlay of USD 100 million in a phased manner.
The facility, which will come up in 50 acres, will be set up under the name Radiant Appliances and Electronics Pvt Ltd, an official press release said.
State minister for IT and Industries KT Rama Rao said Skyworth will generate employment opportunities for more than 5,000 people.
He pointed out that availability of skilled manpower, best law and order, latest infrastructure and excellent national and international connectivity makes Hyderabad the most favourable destination for industrial investment.
Lai Weide, Board Chairman, Skyworth, said "Skyworth is highly encouraged by the electronics manufacturing industry supportive policies of Telangana government...Along with upscaling of the skills of the local people, Skyworth will undertake socially responsible initiatives.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)