ITC Chairman Y C Deveshwar on Friday said the company has lined up Rs 8,000-crore investments in the state of Telangana. Half the said investment would go into expanding Bhadrachalam Paper Board.
About Rs 1,000 crore will be invested in a second-star hotel in the city’s information technology hub and about Rs 800 crore will be spent on a food processing plant in the chief minister’s home district of Medak. Apart from the Hitech City hotel project, the company is also looking at building three more hotels in other parts of the city.
“Now I understand as to why these leaders fought for a separate statehood for Telangana. It is to bring more focus on to the issues of development in the service of people,” the visibly impressed Deveshwar said while announcing the plans at the launch of the Telangana government’s new industrial policy.
The new industrial policy promises super fast single window approvals and zero tolerance to corruption.
Reminding that two out of the 13 businesses of the diversified business conglomerate,-agribusiness and paper- are headquartered out of Hyderabad city, he said Telangana’s new industrial policy was extremely significant in speeding up the industrial development.
Source: Business Standard