Celkon and Makeno have signed a memorandum of understanding with the Telangana government in the presence of Chief Minister K. Chandrashekar Rao at Shanghai in China on Thursday to invest $ 20 million for setting up a LED TV unit in Hyderabad.
Two more Chinese companies in cell phone components and headphones have also come forward to invest in Hyderabad, a release said.
KCR travels in high speed train
Earlier in the morning, the Chief Minister and his delegation in China reached Shanghai from Dalian after attending World Economic Forum meeting. They travelled by Maglev high speed train which moves at 300 kms per hour while travelling to Shanghai, a global financial hub on China’s central coast.
Later, Mr. Rao addressed a meeting organised by Confederation of Indian Industry and the Telangana government where the MoU was signed. Shanghai Electric Corporation vice-president Shao whose company was a $ 40 billion entity met Mr. Rao.
The company expressed interest in setting up manufacturing and supply units of high powered pumps and electrical equipment in Hyderabad. Mr. Rao welcomed the company and requested its team to visit Telangana.
At the CII meeting, Mr. Rao addressed 65 Chinese entrepreneurs and companies. He explained the availability of land bank, hassle free permissions to set up industries and zero corruption in the entire process. Many industrialists expressed desire to invest in Telangana.
Mr. Chandrasekhar Rao also met K.V Kamath, president, and Xian Zhu vice-president of New Development Bank of Shanghai and sought their help in funding urban development projects.
Their 40 minute meeting was interesting and the response of the bank officials was positive, said a press release.
The bank of Shanghai is a new enterprise in the process of formulating funding policies. It focuses on infrastructure development in developing countries.
Source: The Hindu