China's Leo group plans Rs 1,000-cr pump mfg unit in Telangana

Hyderabad: Leo group of companies, a China-based heavy duty pump manufacturer, has evinced interest in setting up a plant in Telangana with an investment outlay of Rs 1,000 crore, according to Telangana government.

Telangana chief minister K Chandrasekhar Rao is currently in China on a 10-day tour exploring investment opportunities for the state besides addressing World Economic Forum at Dalian on Wednesday.

Leo Wang, Chairman of Leo group of companies has met the CM and expressed his company's willingness to invest in Telangana in manufacture of heavy duty pumps. Investment of around 1000 crore is the possibility as a result of the meeting, as per a statement issued by Telangana Government.

CEOs of top 30 companies located in Liaoning State of China had a long meeting with the CM and his delegation and exchanged views.

They had discussions on possibility of investments in Telangana, it stated.

Indian ambassador to China, Ashok Kantha have briefed the Chief Minister on the current situation of China and prospects and potential of Chinese companies to make investments in India, especially in Telangana.

Jiande YE, President of China Council of Promotion of International Trade (CCPIT), Shenzhen Council, Shenzhen, China in a letter to the Telangana CM said that Shenzhen based companies are increasingly keen to invest in foreign markets and are looking for opportunities abroad including in India.

Jiande YE requested the CM and his delegation to visit Shenzhen on September 14 for exchanging ideas on mutually beneficial cooperation in trade and investment, the release stated.

Source:PTI