In the presence of IT and Industries Minister KTR, Government of Telangana and VEM Technologies Pvt Ltd entered into a Memorandum of Understanding (MoU) in Hyderabad.
In the presence of IT and Industries Minister Sri KTR, Government of Telangana and VEM Technologies Pvt Ltd entered into a Memorandum of Understanding (MoU) in Hyderabad. Principal Secretary Jayesh Ranjan and VEM Chairman and Managing Director V. Venkata Raju signed the MoU respectively.
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.
Speaking at the event, Minister KTR said, “Hyderabad is the strongest defence hub in the country with large DRDO labs & Defence PSUs. Hyderabad is also the most preferred Aerospace & Defence manufacturing destination for foreign OEMs such as Lockheed Martin, Boeing, Safran Etc.”
“VEM Technologies is a leading example of how a local Telangana based company with humble beginnings has grown to be a technology leader in defence and aerospace sector,” he added. Considering the strategic nature of the project and huge potential for high value employment creation, the State Government has accorded mega project status to it. Also agreed to allot the required land along with other incentives to support the project, Minister KTR said.