Telangana CM Revanth Reddy begins Korea tour, holds talks with LS Corp, Hyundai Motors seeking investments

Hyderabad: After the US leg of their international tour aimed at attracting investments into Telangana, a high-level delegation led by Chief Minister A Revanth Reddy and Industries Minister D Sridhar Babu landed in Seoul, South Korea on Monday.

The Telangana delegation's first day in Seoul started with wide-ranging conversations with one of Korea’s biggest industrial conglomerates, the LS Corp - which was formerly a part of the LG Group, Hyundai Group, and the Korea Federation of Textile Industry.

Revanth's team met with LS Group Chairman Koo Ja Eun and their senior leadership.

"Our discussions covered a wide range of interests, including manufacturing investments in Telangana for electric cables, gas and energy, and batteries. The LS team will visit our state shortly on my invitation. I am very positive we will formally welcome them to Telangana as investors in the coming days,” Revanth said.

Later, the Telangana team pitched the Mega Textile Park in Warangal as an ideal destination for further investments from Korean textile companies at a business roundtable organised by the Korea Federation of Textile Industry (KOFOTI).

The gathering, including Kihak Sung, Chairman, Youngone, Soyoung Joo, Executive Vice Chairman, KOFOTI, and other top leaders of 25 major textile companies, responded with amazing enthusiasm, said Revanth Reddy.

"We expect to attract more investments in the textile sector for Warangal and the rest of Telangana. My colleague D Sridhar Babu and other officials will put together a task force to follow up on all the opportunities for quick closures and action on the ground,” he added.

Revanth Reddy and his team also met Hyundai Motor Company officials in Seoul. During the meeting, the Chief Minister said, “The Telangana state government has actively been focussing on major investment opportunities by global giants. Hyundai Motor Company had planned investments into setting up a car testing facility in Telangana through its subsidiary Hyundai Motor India Engineering Pvt Ltd. (HMIE). Telangana's industry-friendly policies and progressive and futuristic vision in creating a world-class infrastructure and providing hassle-free permission systems have enabled best-in-class companies like HMIE to do business in in the state.”

After talks with the Chief Minister and IT and Industries Minister, the South Korean automotive giant, through its Indian arm Hyundai Motor India Engineering Pvt Ltd. (HMIE), planned to establish a large Mega Test Centre in Telangana. The Mega Test Centre will include not only an automated test track facility but also a state-of-the-art test car manufacturing facility, including EVs.

The Mega Test Centre is likely to attract other affiliates and suppliers to set up their facilities in the vicinity. This will help to create both direct and indirect employment opportunities.

Moreover, Hyundai Motor India Engineering Pvt Ltd. is expanding by renovating and modernising the existing engineering centre in Hyderabad to create more employment for India and the Asia-Pacific region.