Sangareddy: On a historical day, the first company Vem Technologies Private Limited, a Defence company, will be going to start its work at NIMZ (National Investment and Manufacturing Zone) on Wednesday.
The IT and Industries Minister KT Rama Rao will lay a foundation for the construction of the Vem Technologies company at NIMZ Zaheerabad during a ceremony on Wednesday morning. Vem Technologies will invest Rs 1,000 crore initially and export the Defence machinery to various nations besides supplying to the Indian Army. It will create direct employment for 1,050 personnel besides generating indirect employment for another 1,000 personnel. The Telangana State Industrial and Infrastructure Corporation Limited (TSIIC) has allotted 511 acres of land during January this year to the Defence Company. Vem Technologies will start its first phase of production by the end of the year 2023 and the second phase in 2024.
The department of Industrial Policy and Promotion Government of India had accorded permission for the setting up of NIMZ at Zaheerabad in 2013 by acquiring 12,635.14 acres of land in 17 villages spread in Nyalkal and Jharasangam Mandals. While 8,773 acres of land was Patta Land, the remainder was government land. During the first phase, the TSIIC acquired 3,100 acres out of the 4,520 acres proposed. The process for acquiring the second phase of land was underway.
Zaheerabad MLA K Manik Rao has termed June 22 as a red-letter day in the history of Zaheerabad since it is going to be a first step towards making the area industrially vibrant. DCMS Chairman Malkapuram Shiva Kumar has said the Zaheerabad area was known for poverty and backwardness for a long. However, he said that under the leadership of Chief Minister K Chandrashekar Rao it has been experiencing a transformation. Once Vem Technologies starts work here, Shiva Kumar hoped that many companies will rush to set up their shops here in the next couple of years. Meanwhile, the officials were gearing up to complete the land acquisition soon. (eom)