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In a major fillip to the Telangana government's proposed Mobility Valley, Korean auto major Hyundai has announced an investment of Rs 1,400 crore in the upcoming project for setting up proving grounds (test tracks). Hyundai will be a stakeholder and a consortium partner in the first-of-its-kind New Mobility Valley being created by the Telangana government, an official release said on Thursday.

The announcement was made during a meeting of Hyundai President and Chief Innovation Officer Youngcho Chi with Minister for Industries and IT K T Rama Rao at the Telangana Pavilion in Davos, Switzerland. Various collaborations were also discussed in the meeting, it said.

The minister said the presence of Hyundai will further strengthen the mobility sector in Telangana and said it is the first state to set up a Mobility Valley.

Thanking Hyundai for becoming a part of the Mobility Valley, Rama Rao assured the leadership team of Hyundai of providing complete support from the state government in setting up of their proving grounds.

"It is our government's endeavor to develop Telangana state into an automotive powerhouse," he said.

Another press release said Sweden-headquartered EMPE Diagnostics will be setting up a global production facility for tuberculosis diagnostic kits in Hyderabad.

Currently, EMPE Diagnostics is conducting clinical evaluations in at least five countries for their diagnostic kits for tuberculosis. The products to be produced in Hyderabad will be sold globally.

The company also plans to invest around Rs 50 crore in this facility with additional employment for around 150 people.

Over the years, the company is planning to invest around Euro 25 million in the facility.

GMM Pfaudler, a leading technologies, systems and services provider for the chemical and pharmaceutical industries, plans to expand their operations in Hyderabad to provide manufacturing support to the group's global operations and is investing additional USD 3.7 million to increase the capacity, another release said.