Hyderabad: A memorandum of understanding (MoU) pertaining to a major investment has materialised within a short period. Hyundai Motor Company is set to begin its mega testing centre project in the state.
The South Korean automotive giant's Rs 2,100 crore investment, finalised during Chief Minister A. Revanth Reddy's visit to Seoul in August has reached a major milestone with the state government allocating 407 acres in the National Investment and Manufacturing Zone (NIMZ) at Zaheerabad.
Work on the facility is expected to commence by December-end or early January. Revanth Reddy is slated to participate in the groundbreaking ceremony, official sources confirmed.
Hyundai's ambitious project includes a state-of-the-art test track and a manufacturing unit designed for testing vehicles, including electric cars. This initiative is poised to generate thousands of job opportunities and consolidate Telangana's reputation as an industrial hub.
Industries minister D. Sridhar Babu and Sangareddy district collector Valluru Kranti held a meeting with Hyundai officials to finalise the land allocation at Jharasangam mandal in Zaheerabad Assembly constituency.
The company has already taken possession of the allocated land and commenced soil testing. Technical teams are drilling at 20 locations, collecting soil samples up to 20 metres deep. The results, expected within a month, will pave the way for the formal launch of construction works.
The NIMZ-Zaheerabad project spans 12,000 acres, with 5,000 acres already acquired by the revenue department and efforts are underway to secure the remaining 7,000 acres.
The Telangana government plans to invest Rs 50,000 crore in NIMZ to boost manufacturing and create jobs, aiming for Rs 1.2 lakh crore in revenue and 2.5 lakh employment opportunities over the next decade.
In addition to Hyundai, the state government has allocated 511 acres at NIMZ to Vem Technologies, which is to invest Rs 1,000 crore in a defence facility.
Official sources said the swift materialisation of Hyundai's MoU, signed just six months ago, highlights the Congress government's pro-business policies under Revanth Reddy. Officials highlighted this as a testament to the government's commitment in fostering an environment that is conducive for global investments.
