The Telangana government signed a Memorandum of Understanding (MoU) with Skyroot Aerospace, a Hyderabad-based company in the space technology sector, at the World Economic Forum in Davos on Tuesday.
Chief Minister Revanth Reddy has expresses delight with the development, says “nothing like seeing our homegrown firms making it big on a global level”
The MoU envisages the firm would establish an integrated private rocket manufacturing, integration and testing facility in Telangana.
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 facility.
“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,” Revanth Reddy said.
“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 said.
Pawan Kumar Chandana, co-founder, said, “We are delighted to be investing in Telangana under the leadership of Revanth Reddy.
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,”