Telangana seeks JICA's support for Hyderabad Metro, Musi rejuvenation

Hyderabad, April 17 (IANS) The Telangana government on Thursday sought financial support from the Japan International Cooperation Agency (JICA) for urban transformational projects, including the second phase of the Hyderabad Metro Rail and the Musi River rejuvenation.

Chief Minister A. Revanth Reddy, who is currently on a visit to Japan, held discussions with the top management of the JICA in Tokyo to explore the possibilities for financial support for several flagship urban transformational projects. These include radial roads connecting the Outer Ring Road (ORR) and the Regional Ring Roads (RRR).

According to Chief Minister’s Office (CMO), the delegation led by the Chief Minister met JICA Senior Vice President Shohei Hara and other senior managers. The Chief Minister gave an overview of investor-friendly policies of his government, the attractiveness of Hyderabad as a global investment destination, and large-scale infrastructure projects being taken up in the city and its surroundings.

The Chief Minister informed the JICA team that the Metro Rail phase 2 project proposal, with an investment of Rs 24,269 crore as a joint venture project of the Central and the Telangana governments, is under active consideration of the Central government.

The Telangana government is keen on JICA support for the 48 per cent loan component of the project, which is about Rs 11,693 crore. Revanth Reddy also stressed that the Indian government's foreign debt funding norms were being followed strictly by the state government.

Explaining his vision for Hyderabad city to be developed on a par with global cities like New York and Tokyo, the Chief Minister urged JICA to consider funding the Musi rejuvenation project and the new radial roads as well.

Citing the long-standing relationship between JICA and the Telangana government, JICA Senior Vice President Hara requested CM Reddy to pursue the Metro Rail and other eligible projects with the Centre for JICA's support.

The delegation also met senior leadership of Marubeni Corporation, a leading Japanese industrial conglomerate with interests in energy, transport, real estate, industrial infra, metals, medical services, trading, etc.

Following discussions, Marubeni Corp conveyed their interest to establish a state-of-the-art next-generation industrial park in the upcoming Future City near Hyderabad. Both sides signed and exchanged a Letter of Intent (LoI).

With a proposed initial investment of Rs 1,000 crore, the industrial park will be developed in 600 acres in a phase-wise manner in the Future City.

The industrial park will be dedicated to Japanese companies and other multinational companies to set up their manufacturing plants in Hyderabad, and is expected to attract major investments of over Rs 5,000 crore.

The Marubeni Industrial Park will focus on electronics, green pharma, precision engineering, aerospace, and defence sectors.

The Chief Minister said that the industrial park is expected to create 30,000 direct and indirect jobs, enriching livelihoods and enhancing the skill ecosystem in Telangana.

The Telangana delegation also visited the headquarters of Sony Corporation in Tokyo. Officers of the Sony Corporation showcased several new initiatives at Sony and detailed their workings, including new products, to the delegation.

The delegation also held detailed discussions on the animation subsidiary of the company, Crunchyroll, and cited the strengths of Hyderabad in the animation, VFX and Gaming sectors.

Chief Minister Revanth Reddy outlined his vision for the setting up of a modern film city, which would have the capability of end-to-end production.

--IANS

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