Hyderabad, Oct 10 (IANS): Commercial vehicle manufacturer Ashok Leyland will set up a manufacturing plant in Telangana at an investment of Rs 500 crore, state Industries Minister K. T. Rama Rao said on Monday.
The company has entered into an MoU with the state government for setting up the unit.
The minister said Rs 500 crore will be invested in a phased manner. The plant is expected to provide direct employment to over 1,000 people.
Rama Rao said Ashok Leyland's decision would further strengthen auto industry in Telangana. He said the industries department would continue its efforts to build the supplier ecosystem.
The MoU was signed within three days after the industries met Ashok Leyland Managing Director Vinod Dasari in Delhi and requested him to invest in the state.