Hyderabad: In the main encouragement for the defense and aerospace sectors in Telangana, Hyderabad Aerospace and Defense Manufacturing players, VEM Technologies Pvt Ltd, on Sunday said it will invest RS 1,000 Crore to establish integrated defense system facilities in Zaheerabad.
A memorandum of understanding (MoU) on this effect was written between the founder of VEM Technologies and Chair of Venkata Raju and Telangana IT and Secretary Secretary of Secretary Jayesh Ranjan here on Sunday.
Integrated facilities that are founded more than 511 hectares in the village of Yelgii will have several zones including the export zone and will be able to produce more than 2000 jobs, Raju said.
Raju said the integrated defense system facilities will have full facilities for integration and manufacture of aerostructures, missiles, naval systems, UAS, radar, Aero machines, hot & cold integration and small arms, among others.
The company expects the development of facilities starting early next year.
The project has been given the status of the Mega project by the Telangana Government and will be eligible for several incentives, said Telangana IT and Industry Minister KT Rama Rao during the project announcement.
Members of Niti Aayog VK Saraswat and Chair of the Drdo G Satheesh Reddy were also present at the MoU signing ceremony.
Reddy said that with India which focused on improving its custom development and manufacturing and making defense systems, Hyderabad attracted orders worth Rs 1 lakh crore in various defense segments.
VEM Technologies currently has orders for RS 850 Crore.
It has facilities in Telangana and employs 1,350 people.
The company is a development partner for various missile systems in India such as Brahmos, Akash, LRSAM / MRSAM and Astra.
It has also been exported to the US, Israel and European countries.
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It will establish an engineering center that will be used by nearly 5,000 engineers in two Up to the next three years in Telangana, said the founder of VEM Technologies and Chair of Venkata Raju with India which focuses on increasing the customs development and making the defense system, Hyderabad for the past few years and the next pair and also the year will attract orders worth Rs 1 lakh crore at Various defense segments, said Chairman of Drdo G Satheesh Reddy.
He quoted an example of an order for various systems and sub-systems of Akash, MRSAM, Astra and Nag Missiles, among others.