Swiss firm Stadler Rail in a joint venture with Medha Servo Drives will set up a rail coach manufacturing facility in Telangana.
The companies will jointly invest over ₹1,000 crore over a period of 2 years into the manufacturing centre. This unit is expected to create 2,500 jobs.
The announcement was made at Davos (Switzerland) on Wednesday on the sidelines of World Economic Forum 2022 following a meeting between Telangana IT and Industries Minister K T Rama Rao and Ansgar Brockmeyer, Executive Vice-President (Sales and Marketing) of Stadler Rail.
The manufacturing facility will be the primary site of manufacturing for their tenders not only from India, but also for their customers across the Asia-Pacific Region.
“This unit will be one of the most important centres for us as we plan on scaling up activities in India and in the APAC region,” Ansgar Brockmeyer said.