Hyderabad, May 25 (PTI) Medha Servo Drives Pvt Ltd and Swiss firm Stadler Rail will jointly be setting up a rail coach manufacturing unit in Telangana at an outlay of Rs 1,000 crore.

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The announcement was made in the presence of Minister for IT and Industries K T Rama Rao, on the sidelines of World Economic Forum in Davos, an official release said on Wednesday.

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The joint venture will invest over Rs 1,000 crores over a period of two years into the manufacturing unit. The facility is expected to create employment for over 2,500 people from the state.

The unit is set to be of extremely high importance to Stadler and the city-based Medha Servo as it will be the primary site of manufacturing for their tenders not only from India, but also for their customers across the APAC region, it said.

“I am extremely delighted that Stadler chose Hyderabad as their primary location for rail coach manufacturing for the complete APAC region in partnership with Medha Servo. This will show the world the potential that Hyderabad has, to match global investment destinations in terms of quality of talent and output,” KT Rama Rao was quoted as saying.

Ansgar Brockmeyer, Executive Vice President – Sales and Marketing, Stadler Rail, said, “This unit will be one of the most important centres for us as we plan on scaling up activities in India and in the

APAC ( Asia-Pacific) region. We are very happy with the support provided by the Government and look forward to more business out of the region."

A separate release from the Minister's office said Schneider Electric's Executive Vice President Luc Remont, announced its expansion and commitment to Telangana by setting up the second state-of-the-art manufacturing facility in Hyderabad.

Schneider Electric is the global leader in digital transformation of energy management and automation with presence in over 100 countries.

Meanwhile, another release said Switzerland headquartered Ferring Pharma announced establishing a 60 million Euros worth formulation plant in Hyderabad.

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