The Telangana government has signed an agreement with Hyderabad-based aerospace technology company Skyroot Aerospace to set up an independent integrated rocket manufacturing, assembly and testing facility in the state.
Chief Minister Revanth Reddy and IT and Industries Minister D Sridhar presided over the signing of the agreement with Skyroot at Davos, where the World Economic Forum is taking place.
This new project will see Skyroot investing around Rs 500 crore, which will be among the world’s largest integrated rocket manufacturing, assembly and testing facility.
“I am happy to see a Hyderabad-based company achieving great success. I welcome their decision to invest in Telangana. This deal shows how small minds from Telangana are working on all the amazing technologies in the world,” said Reddy.
“Partnership with Skyroot highlights Telangana’s strategic focus in the space and aerospace sectors. We will soon make Hyderabad a hub for private space activity,” he added.
Pawan Kumar Chandana, founder of Skyroot, said, “We are excited to invest in Telangana under the leadership of Revanth Reddy garu. After a long time, there is great energy and hope for the state and its future. We want you to be a part of the vision and mission of TelanganaRising and HyderabadRising.”