Telangana, Hyderabad firm sign deal to set up private rocket manufacturing unit
The deal will see Hyderabad-based Skyroot Aeroscape making an investment of around Rs 500 crore, which will be amongst the largest integrated private sector rocket manufacturing, integration and testing facility.
by Apoorva Jayachandran · India TodayIn Short
- Telangana government signs deal with Hyderabad-based space technology firm
- Skyroot to invest Rs 500 crore for private rocket manufacturing unit in Telangana
- Revanth Reddy praises local innovation in space technology
The Telangana government has signed an agreement with a Hyderabad-based space technology firm Skyroot Aerospace to establish an integrated private rocket manufacturing, integration and testing facility in the state.
Chief Minister Revanth Reddy and state IT and Industries Minister D Sridhar oversaw the signing of the deal with Skyroot in Davos, where the World Economic Forum is underway.
The new project will see Skyroot making an investment of around Rs 500 crore, which will be amongst the largest integrated private sector rocket manufacturing, integration and testing facility.
"I am delighted to see a Hyderabad-based company achieving great success. I welcome their decision to invest in Telangana. This agreement demonstrates how young minds of Telangana are working on every fascinating cutting-edge technology in the world," Reddy said.
"The partnership with Skyroot highlights Telangana's strategic focus on the space and aerospace sectors. We will soon make Hyderabad the focal point of private sector space work," he added.
Pawan Kumar Chandana, co-founder of Skyroot, said, "We are delighted to be investing in Telangana under the leadership of Revanth Reddy garu. After a long time, there is great energy and optimism about the state and its future. We want to be part of the TelanganaRising and HyderabadRising vision and mission."