Hyderabad: While the Adani Group and textile major Welspun Group are in the process of setting up two separate Logistics Parks in the state, the Somani Group has announced its fifth investment in the state, to manufacture glass heaters along with a French company, said IT Secretary Jayesh Ranjan at the National Executive Committee Meeting of Federation of Indian Chambers of Commerce and Industry (Ficci) on Wednesday.
He said Telangana continues to attract investment, especially from existing investors due to its investor friendly policies. One example of this, he said, was the efficiency in granting approvals. Amazon, which is building a 3 mn sq ft building in the Financial District got its permissions within 11 days. On seven occasions out of 8,500 plus cases of industrial approvals, an employee was penalised for delay.
On the sidelines of the meet, officials from OYO, revealed details of their interests in Telangana and said that the company had expanded its presence by doubling its strength here and has decided to have all B2B operations executed from Hyderabad, which is the fastest growing facility of OYO.
The meeting was attended by top industrialists and businessmen from across the country. Ficci organises four such National Executive Committee Meetings a year in various regions, and this time it was held in Hyderabad. Among those who attended were Sandip Somany, president, Ficci; Dr Y.V. Reddy, economist and former governor of the RBI; Sangita Reddy, senior vice president, Ficci; T. Muralidharan, co-chair, Ficci, Telangana, and Dilip Chenoy, secretary-general, Ficci.
Topics discussed at the meeting included how the world economy has become bi-polar, with USA and China competing against each other, and the need for India to maintain a cordial relationship with both, and how Telangana has become a congenial destination for investment. In a country having a land crunch, Telangana offers the largest land bank.
