Drive For More Investments: Revanth holds talks with LS Corp, Hyundai

Hyderabad: After the US leg of their international tour aimed at attracting investments into Telangana, a high-level delegation led by Chief Minister A Revanth Reddy and Industries Minister D Sridhar Babu landed in Seoul, South Korea on Monday.

First day of the delegation in Seoul started with wide-ranging conversations with one of Korea’s biggest industrial conglomerates, the LS Corp - which was formerly a part of the LG Group, Hyundai Group, and the Korea Federation of Textile Industry. The gathering also included Kihak Sung, Chairman, Youngone, Soyoung Joo, Executive Vice-Chairman, KOFOTI, and other top leaders of 25 major textile companies. "Our discussions covered a wide range of interests, including manufacturing investments in Telangana for electric cables, gas and energy, and batteries. The LS Corp team will visit Telangana shortly. I am very positive we will formally welcome them to Telangana as investors in the coming days,” Revanth said.

The South Korean automotive giant, through its Indian arm Hyundai Motor India Engineering Pvt Ltd (HMIE) announced its plans to establish a large mega test center in Telangana. The mega test center will include not only an automotive test track facility but also a state-of-the-art test car manufacturing facility (including EVs).The mega test center is likely to attract other affiliates and suppliers to set up their facilities in the vicinity.

This will help in creating both direct and indirect employment opportunities. The HMIE would also expand business activities by renovating and modernizing the existing engineering center in Hyderabad to create more employment for India and Asia Pacific region.

Revanth said: “Telangana state’s industry-friendly policies, progressive and futuristic vision in creating a world-class infrastructure and providing hassle-free permission system enabled the best-in-class companies like HMIE to do business in Telangana.”

The Telangana delegation also pitched the mega textile park in Warangal as an ideal destination for further investments from Korean textile companies at a business roundtable organised by the Korea Federation of Textile Industry (KOFOTI).

The CM said that the IT and Industry Minister and officials will be formed into a task force for follow up on all the opportunities and quick closures and action on the ground.