Hyderabad: Commercial vehicle maker Ashok Leyland on Monday entered into an agreement with the Telangana government for setting up a 'body building unit' in the state with an investment of Rs 500 crore.
The unit, to be established in phases with an investment of Rs 500 crore, would provide employment to 1,000 people directly and hundreds of others indirectly, a release from the Chief Minister's Office said.
A memorandum of understanding (MoU) to this effect was exchanged by Chief Minister K Chandrasekhar Rao's Additional Principal Secretary Santhi Kumari and Ashok Leyland MD Vinod K Dasari, it said.
Location of the proposed facility was not mentioned in the release.
Speaking on the occasion, Mr Rao said his government would extend all cooperation for the growth of manufacturing sector in the newly formed state.
The government has brought out its industrial policy (TS-iPASS) to grant all necessary licences in 15 days to set up a unit, he said.
The chief minister said the transport sector would continue to grow in the State, the release added.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
