Ashirvad Pipes to invest Rs 500 cr in TS

Hyderabad: Huge investments are pouring into the State during the World Economic Forum (WEF) in Davos. Ashirvad Pipes of Belgium's Aliaxis Group SA will be setting up a greenfield facility with an investment of Rs 500 crore in Telangana. This investment will create more than 500 jobs to the youngsters in the State.

A memorandum of understanding was signed between Aliaxis and Government of Telangana in the presence of IT and Industries Minister KT Rama Rao in Davos. The firm will manufacture storage and distribution of plastic pipes, fittings and accessories. The announcement came after Aliaxis CFO Koen Sticker met with Minister on the sidelines of WEF in Davos.

Ashirvad Pipes is also in talks with the Telangana government for setting up a Center of Excellence for manufacturing plastic pipes in the State. Industries Department Principal Secretary Jayesh Ranjan was also present in the meeting. Four years ago, Aliaxis Group acquired Bangalore-based plastic pipe manufacturer Ashirvad Pipes Pvt Ltd.