Hyderabad, Jan 21: Skyroot Aerospace will set up an integrated, private rocket manufacturing, integration and testing facility in Telangana.
The company signed a Memorandum of Understanding (MoU) in this regard with the Telangana government on Tuesday on the sidelines of the World Economic Forum summit in Davos.
Chief Minister A. Revanth Reddy and IT & Industries Minister D. Sridhar Babu oversaw the signing of the MoU with Skyroot Aerospace, a Hyderabad-based space technology firm.
The new project will see Skyroot making an investment of around Rs 500 crore, which will be amongst the largest integrated private-sector rocket manufacturing, integration and testing facilities.
Chief Minister Revanth Reddy expressed delight over the development saying there is nothing like seeing our homegrown firms making it big on a global level.
"I am delighted to see a Hyderabad-based company achieving great success. I welcome their decision to invest in Telangana. This agreement demonstrates how young minds of Telangana are working on every fascinating cutting-edge technology in the world," an official release in Hyderabad quoted the Chief Minister as saying.
"The partnership with Skyroot highlights Telangana's strategic focus on space and aerospace sectors. We will soon make Hyderabad the focal point of private sector space work," he added.
"After a long time, there is great energy and optimism about the state and its future. We want to be part of the TelanganaRising and HyderabadRising vision and mission," said Pawan Kumar Chandana, co-founder, Skyroot Aerospace.
Meanwhile, Industries Minister D. Sridhar Babu held detailed discussions with the MTC Group on expanding their Hub-and-Spoke model to Telangana. The Mitsui Group Japan holds 25 per cent equity in the MTC Group.
Discussions detailed various plans and projects, and efforts will begin soon to identify land for their investments in Telangana.
Sridhar Babu also met Khalid Mohammed Al-Salem, Federal Minister, and President of the Royal Commission for Jubail and Yanbu, Saudi Arabia, at the Telangana Pavillion.
During their friendly meeting, they discussed a variety of issues, the scope for working together and the opportunities for investment into the TelanganaRising vision.
Saudi Arabian minister stated that Saudi Arabia as a country was keen to find the best investment opportunities that also align to values like sustainability, and long-term impact on people and the environment.
Su Le, Chief Growth Officer, SambaNova, met Sridhar Babu and other officials of the Telangana delegation to discuss the potential of investing in Telangana in the semiconductor industry.
Headquartered in Palo Alto, California, SambaNova has built an Artificial Intelligence (AI) platform which serves as a backbone for AI innovation and harnessing deep learning capabilities.
