The Telangana government today 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.
The new project will see Skyroot invest around Rs 500 crore, making it one of the largest integrated private-sector rocket manufacturing, integration and testing facilities.
Chief Minister Revanth Reddy expressed delight at the development, and said, "There's nothing like seeing our homegrown firms making it big on a global level. I welcome their decision to invest in Telangana. This agreement demonstrates how the young minds of Telangana are working on cutting-edge technologies that are shaping the world. This partnership highlights Telangana's strategic focus on the space and aerospace sectors. We will soon make Hyderabad the focal point of private sector space work."
Skyroot co-founder Pawan Kumar Chandana 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 Telangana Rising and Hyderabad Rising visions and missions."
filed in:Telangana, Industry & Business, Investments, Revanth Reddy