ITC to invest Rs 8,000 crore in Telengana projects, says Chairman YC Deveshwar

HYDERABAD: Diversified conglomerate ITC Ltd will invest Rs 8,000 crore in greenfield and brownfield projects in the country’s newest state of Telangana, chairman YC Deveshwar said on Friday.

The announcement came on a day when the Kolkata-based Ruia group, which has interests ranging from rubber to heavy engineering and infrastructure, evinced interest in investing Rs 500 crore in the state.

Speaking at a conference organised by the state government to announce its new industrial policy, Deveshwar said the proposed investments will include Rs 1,000 crore on a fivestar hotel in Hyderabad and Rs 800 crore on a food processing plant in Medak. The balance will go into doubling the capacity of ITC Paper Boards' facility at Bhadrachalam in Khammam district to 1 million tonne.Appreciating the Telangana government’s efforts to attract investment and the state’s new industrial policy that promises right to clearances, Ruia group chairman Pawan Kumar Ruia said his group will invest around Rs 500 crore in a rail coach facility.

While unveiling the new industrial policy, Telangana chief minister K Chandrasekhar Rao promised to live up to the investors’ expectations in terms of hassle and graft free clearances.The conference was attended by over 1,000 industrialists, bureaucrats, lawmakers and diplomats