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In what could be the first investment flow into the five-day-old Telangana State, the US-based Wing Enterprises has decided to invest about Rs. 300 crore near Medchal here to set up a ladder-manufacturing company.

The investment in manufacturing (furniture) sector is likely to create direct employment potential of about 1,000 jobs in the first year itself. Representatives of the US-based firm engaged in the production of  “Little Giant Ladder” Systems called on Minister for IT, Industries and Panchayat Raj K.T. Rama Rao at his office here on Friday and explained to him their plans.

The company manufactures different types of ladders and equipment like air-deck work stations, cargo-hold products and fuel tank paint trays. “The establishment of the manufacturing facility by the US firm is a pointer to the flow of investments into Hyderabad in other sectors and not just IT”, the minister told The Hindu.

Plans for IT sector

On the State government’s vision for the IT sector, Mr. Rama Rao said they would soon come out with a comprehensive policy for its development with focus on research and development, particularly on establishing world-class incubation centres to nurse the talent and entrepreneurship.

“The focus so far has been on the IT/ITES. But, we have plans to take it to the next level to fuel growth of the sector by creating an appropriate eco-system”, the minister said. He would meet representatives of the industry before preparing the policy.

Earlier in the day, the minister shared the government’s plans for the IT sector growth, particularly in the area of entrepreneurship and innovation, with the faculty of Indian School of Business (ISB) and International Institute of Information Technology (IIIT).

ISB Dean Ajit Rangnekar said they were keen to explore ways for collaboration between the government and ISB to strengthen the ecosystem. He explained how the ISB had been working closely with successive governments and the industry. Director of IIIT Hyderabad P.J. Narayanan was also present.

In what could be the first investment flow into the five-day-old Telangana State, the US-based Wing Enterprises has decided to invest about Rs. 300 crore near Medchal here to set up a ladder-manufacturing company.

The investment in manufacturing (furniture) sector is likely to create direct employment potential of about 1,000 jobs in the first year itself. Representatives of the US-based firm engaged in the production of “Little Giant Ladder” Systems called on Minister for IT, Industries and Panchayat Raj K.T. Rama Rao at his office here on Friday and explained to him their plans.

The company manufactures different types of ladders and equipment like air-deck work stations, cargo-hold products and fuel tank paint trays. “The establishment of the manufacturing facility by the US firm is a pointer to the flow of investments into Hyderabad in other sectors and not just IT”, the minister told The Hindu.

Via: Thehindu.com