The Telangana government on Sunday signed a Memorandum of Understanding (MoU) VEM Technologies Pvt Ltd in the presence of the state's Information Technology and Industries minister KT Rama Rao in Hyderabad.
Principal Secretary Jayesh Ranjan and VEM Chairman and Managing Director V. Venkata Raju signed the MoU respectively.
Speaking on the occasion, Rao said, "VEM Technologies is a leading example of how a local Telangana based company has grown to be a technology leader in the defence and aerospace sector."
Considering the strategic nature of the project and the huge potential for high-value employment creation, the state government has accorded mega project status to it, he said.
He further said, "the required land along with other incentives to support the project will be allocated."
Rao stated that Hyderabad is the strongest defence hub in the country with large Defence Research and Development Organisation (DRDO) labs and Defence public sector undertaking (PSU)s.
Hyderabad is also the most preferred Aerospace and Defence manufacturing destination for foreign OEMs such as Lockheed Martin, Boeing, Safran Etc, stated Rao.
According to the signed MoU, VEM Technologies Pvt Ltd will set up an Integrated Defence Systems Facility at Yelgoi, Zaheerabad with an investment of Rs 1000 crore. This will also generate two thousand employment opportunities in the region.
( With inputs from ANI )
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