Stability in policies for industries hallmark of Telangana: Revanth Reddy
Be it the Congress regime led by YSR, TDP rule under N. Chandrababu Naidu (in erstwhile Andhra Pradesh) or BRS rule under K. Chandrasekhar Rao, there was always a continuity in industrial investment policy, he said while inaugurating an integrated manufacturing facility of Malabar Gold & Diamonds in Maheswaram, near Hyderabad.
Governments change, but the policies' direction remains, he said at the opening of the facility that the Group had announced in 2021 during the BRS regime. Telangana means business, the Chief Minister asserted, seeking to assure investors the government will continue to extend incentives for those setting up projects.
Stating Hyderabad, which is a hub for pharmaceutical and information technology industries, will come to be known for gold jewellery manufacturing too with project, he said that the Group had chosen the right place, right State and right city. People of Telangana are the largest consumers of gold, he remarked.
Vision document by Dec.
Mr. Revanth Reddy said that the spotlight will be on Maheswaram for it forms part of the ambitious Bharat Future City project his government is proposing on about 30,000 acres for providing an edge to Hyderabad in its competition with global cities. The government's Telangana Rising vision document, for which multiple agencies, including those from Singapore, have been engaged, will be ready by December, he said.
Malabar Group said the new facility is the largest among its 14 manufacturing units across India and the GCC countries.
Spanning 3.45 lakh sq. ft on a land parcel of more than four acres, it brings all the critical operations such as design, refining, manufacturing, quality assurance, hallmarking, warehousing and supply chain management under one roof. It will have an annual production capacity of over 4.7 tonnes of gold jewellery and 1.8 lakh carats of diamond jewellery along with an annual gold refining capacity of 78 tonnes. Of the 2,750 skilled artisans to be employed, about 1,600 have been onboarded. The Group will be commissioning the refinery shortly.
Chairman M.P. Ahammad and the senior leadership team members said total investment, with gold stocks, on the project is ₹1,000 crore, of which ₹200 crore is on the facility and equipment. About 40% of the workforce of the facility is recruited from local population.
Industries and IT Minister D. Sridhar Babu said Malabar Group, which is also into furniture manufacturing, to explore opportunities to set up production facilities for the same in Telangana.
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