Hyderabad: On the third day of attending the World Economic Forum (WEF) 2026 at the snowy Davos in Switzerland, the Telangana government continued its strategic business engagements, securing investments worth over Rs 5,600 crore from UPC Volt and Schneider Electric.
Chief Minister A Revanth Reddy also proposed holding a follow-up WEF meet in Hyderabad to WEF managing director Jeremy Jurgens, who responded “very positively,” the Chief Minister’s Office (CMO) said.
Additionally, the Telangana government also launched its artificial intelligence (AI) innovation entity, Aikam, on the sidelines of the forum.
UPC Volt to set up AI-ready data centre in Bharat Future City
UPC Volt, a joint venture between the Netherlands-based partners UPC Renewables Group and VOLT Data Centres, said it was ready to set up a 100 MW AI-ready data centre in Bharat Future City, proposed to be developed by the Telangana government on the outskirts of Hyderabad, with an investment of Rs 5,000 crore, the Chief Minister’s Office said on Thursday, January 22.
The proposed investment of Rs 5,000 crore, over five years, is expected to create more than 3,000 direct and indirect jobs during construction and over 800 direct and indirect jobs during operation. A memorandum of understanding (MOU) was signed to this effect, the CMO added.
Schneider Electric to expand Hyderabad facilities
The Telangana delegation also met the CEO of Schneider Electric India, Deepak Sharma, who expressed willingness to expand their existing Gagillapur and Shamshabad facilities at an investment of Rs 623 crore.
The expansion will help increase production capacity for electrical safety equipment such as air circuit breakers (ACB), moulded case circuit breakers (MCCB), contactors and push buttons.
Telangana launches Aikam
The Telangana government also officially launched Aikam, its flagship autonomous, unified and globally oriented AI innovation entity.
Aikam brings together a “powerful set of capabilities” under a unified framework, including developing a globally competitive AI workforce through mass upskilling, accelerating AI-first startups, and deepening research–industry collaboration, supported by population-scale datasets, highly efficient compute infrastructure and a dedicated AI Fund-of-Funds, an official release said.
Davos: The government of Andhra Pradesh has reaffirmed its fast-moving strategic partnership with Brookfield Asset Management following a high-level meeting between the state’s Minister for IT, Electronics and Education, Nara Lokesh, and Brookfield Asset Management President Connor Teskey on the sidelines of the World Economic Forum (WEF) annual meeting 2026.
The meeting reviewed progress since the leaders’ earlier interaction in London and focused on accelerating next steps under the USD 12 billion memorandum of understanding signed at the CII Partnership Summit in Visakhapatnam, according to the statement government press release.
The memorandum of understanding (MoU) is among the largest clean-infrastructure commitments announced at the summit and highlights Andhra Pradesh‘s growing profile as a destination for large-scale, sustainable investments.
Discussions at Davos centred on fast-tracking Brookfield’s clean-energy–powered, gigawatt-scale data centre campus in Visakhapatnam, in line with the State’s plan to position Vizag as a national data centre and digital infrastructure hub, it said.
The talks also covered energy storage, solar manufacturing and green hydrogen pilot projects near Andhra Pradesh’s port-led industrial clusters, leveraging the State’s coastline, logistics strengths and integrated clean-energy ecosystem.
The two sides also reviewed large-scale renewable energy deployments underway in Andhra Pradesh through Brookfield’s platform with Axis Energy, Evren, which is developing utility-scale solar and wind projects to supply low-cost green power to industry and digital infrastructure.
Commenting on the partnership, Lokesh said, “When a global powerhouse like Brookfield Asset Management – with nearly USD 1 trillion in assets under management – bets big on Andhra Pradesh, it reinforces our confidence and ambition. This partnership is about speed, scale, and sustainability. From clean-energy powered data centres to renewables, storage and green hydrogen, we are moving decisively to build future-ready infrastructure that creates jobs and drives long-term growth.”
The Andhra Pradesh government reiterated its commitment to policy certainty, fast-track approvals and world-class infrastructure to ensure the timely execution of Brookfield’s investments.
The collaboration aligns with the State’s broader strategy to integrate renewable generation, storage, digital infrastructure and port-led manufacturing, positioning Andhra Pradesh as a hub for sustainable, next-generation industries.
Mumbai: The rupee crashed 76 paise to close at an all-time low of 91.73 (provisional) against the American currency on Wednesday, January 21, pressured by persistent foreign fund outflow amid heightened uncertainty and risk-off sentiment in global markets.
The rupee recorded its previous all-time low of 91.14 on December 16, 2025, and so far this month, the local unit has fallen by 1.50 per cent, forex traders said, adding that the depreciation can be attributed to heightened geopolitical uncertainty.
Rising tensions in Europe over the Greenland issue and potential tariffs, along with a negative trend in the domestic market, further dented investor sentiment, they said.
At the interbank foreign exchange, the rupee opened at 91.05 and lost ground to touch an intraday low of 91.74 against the greenback. The domestic unit settled for the day at an all-time low of 91.73 (provisional), registering a decline of 76 paise from its previous close.
On Tuesday, the rupee depreciated 7 paise to close at 90.97 against the US dollar.
“Emerging economies like India are facing pressure from volatile capital flows,” Abhishek Bisen, Head-Fixed Income, Kotak Mahindra AMC, said.
Besides, geopolitical tensions, including the Greenland dispute that has strained US-Europe relations (which is a risk of NATO breakdown) and also the control of Venezuela’s oil reserves by the US, are creating ripple effects across the global trade, he said.
Bisen further noted that for India, the pending trade agreement with the US remains a key stabilising factor, as its conclusion could boost confidence and bilateral commerce.
“Also, until the geopolitical risk eases and the trade deal materialises, the rupee is likely to remain vulnerable to external shocks. However, given the strong forex reserves, the Reserve Bank of India can manage the situation as the depreciation has made INR relatively cheaper on REER basis, which shall help shore up exports,” he said.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading 0.02 per cent lower at 98.61.
Brent crude, the global oil benchmark, was trading 1.88 per cent down at USD 63.70 per barrel in futures trade.
On the domestic equity market front, Sensex declined 270.84 points to settle at 81,909.63, while the Nifty dropped 75 points to 25,157.50.
Foreign institutional investors offloaded equities worth Rs 2,938.33 crore on Tuesday, according to exchange data.
Hyderabad: Telangana aims to attract USD 25 billion in investments, generating five lakh jobs in the life sciences sector by 2030, according to the “Next-Gen Life Sciences Policy 2026-30.”
The policy was unveiled on the sidelines of the ongoing World Economic Forum in Davos, Switzerland, a press release said on Wednesday, January 21. According to the policy, Telangana aims to become one of the world’s top three life sciences clusters.
Accounting for about one-third of global vaccine production and 40 per cent of India’s pharmaceutical production, Telangana is home to over 2,000 life sciences companies, ranging from pharmaceutical majors to cutting-edge biotech firms, the policy noted.
As per the policy, several incentives are being offered to attract investments in the life sciences sector.
These include 100 per cent reimbursement of stamp and transfer duty on sale and lease deeds, power subsidies, and 25 per cent reimbursement of land cost, capped at Rs 10 lakh, in all industrial parks developed by the state government.
In addition, the policy provides for 100 per cent reimbursement of net State Goods and Services Tax (SGST) for a period of five years from the date of commencement of commercial production, among other benefits.
Unveiling the policy, Chief Minister A Revanth Reddy said, “We are building one of the world’s most trusted and transformational bioscience ecosystems—driving global health impact from Telangana.”
“The policy’s global unveiling at Davos reflects Telangana’s conviction that the next phase of growth in life sciences will be driven by cross-border collaboration, global capital, and shared innovation agendas,” he added.
The policy sets the stage for a vibrant, innovative, and globally competitive life sciences ecosystem through a strategic blend of consolidating existing strengths and venturing into new frontiers.
This marks a significant leap towards a future in which Telangana continues to inspire breakthroughs and advancements across the life sciences sector, the release further said.
As part of a strategy to decentralise the life sciences industry, the state plans to establish 10 pharma villages.
The establishment of these pharma villages aligns with the goal of creating robust and distributed life sciences hubs, fostering collaboration, innovation, and economic growth, while ensuring a well-connected and resilient pharmaceutical industry.
Mumbai: Zomato’s parent firm Eternal Limited on Wednesday, January 21, announced a major leadership change, with its CEO Deepinder Goyal resigning from his position with effect from February 1, 2026.
The company said Albinder Dhindsa, who is currently the CEO of Blinkit, will take over as the new chief executive. In a letter addressed to the shareholders, Goyal said he has recently been drawn towards new ideas that involve higher levels of risk, experimentation and exploration.
He explained that such ideas are better pursued outside a public company like Eternal, which needs to stay focused and disciplined in its current business strategy. “Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation,” he said.
“These are the kinds of ideas that are better pursued outside a public company like Eternal,” Goyal added. He added that If these ideas belonged inside Eternal’s strategic scope, I would have pursued them within the company.
Last week, Aam Aadmi Party (AAP) Rajya Sabha MP Raghav Chadha joined gig workers in celebrating a victory for their “safety, dignity and work conditions” as the government directed food delivery and quick-commerce platforms to do away with rigid “10-minute delivery” commitments.
In a video message, Chadha said that it is a memorable day for gig workers as the Central government has struck down the private companies’ “10-minute delivery” branding. “I want to thank the Central government for intervening in the matter,” said Chadha, describing the cruelty linked to “10-minute delivery” as real.
He said the promise of “10-minute delivery” adds to the mental stress of delivery workers and forces them to drive dangerously to meet the deadline, endangering other road users.
Earlier, Labour Minister Mansukh Mandaviya asked major food delivery and quick-commerce platforms to do away with rigid ’10-minute’ delivery time commitments, stressing that the safety of delivery partners must come before speed.
Mandaviya held discussions with officials of Blinkit, Zepto, Swiggy and Zomato in Delhi, during which he advised them to remove strict delivery deadlines from their platforms and promotional material in the interest of delivery workers’ safety.
Davos: A day after the “Telangana Rising” delegation, led by Chief Minister Revanth Reddy, engaged with global giants Google, Philips and Unilever at the World Economic Forum (WEF) in Switzerland’s snowy Davos, the spree continued for the second day with the state delegates securing investments worth at least Rs 11,500 crore on the second day of the Forum on Wednesday, January 21.
The state delegation received an expression of interest (EOI) from a joint venture between Slovakia-based IQ Capital and India’s Green House Enviro to develop a Rs 6,000 crore Small Modular Reactor (SMR) clean energy project in Telangana.
Telangana delegation in a meeting with NUkler Products, a joint venture by Slovakia-based IQ Capital and India-based Green House Enviro at the 2026 WEF on January 21.
The joint venture, NUkler Products, submitted the EOI to explore the development of the SMR, with an installed capacity of up to 300 megawatts. The project has a proposed investment value of EUR 600 million (around Rs 6,000 crore).
Chief Minister Revanth Reddy said that Telangana is keen on encouraging sustainable, clean and advanced energy infrastructure projects. “Sustainability is a central pillar to Telangana’s pursuit of a net-zero development target by 2047,” he added.
IQ Capital’s group chairman, Dr Jan Babic, CEO and Director Kumar Bavisetty, along with Green House Enviro CEO and Director Molugu Sripal Reddy, shared the EOI with the Chief Minister during a meeting.
US-based equity firm signs MoU to invest Rs 1,000 crore
The “Telangana Rising” delegation subsequently signed a memorandum of understanding (MoU) with US-based private equity firm Sagrad, which said it would invest Rs 1,000 crore over the course of three to five years.
The industrial and investment platform expressed interest in exploring a long-term, phased investment and ecosystem development in Telangana.
Telangana signs an MoU with US-based industrial and investment platform Sargad at the 2026 WEF on January 21.
Sagrad CEO Srinivas Thota met the delegation at the 2026 WEF and discussed various initiative ideas of the company to establish an aviation MRO (maintenance, repair and overhaul) facility in the state, since the company operates across aerospace, defence, automotive and advanced manufacturing sectors.
MoU with California’s next-gen AI company
The state delegation also signed an MoU with Blaize, a company based in California that designs energy-efficient artificial intelligence (AI) hardware.
Blaize’s co-founder and CEO Dinakar Munagala promised support for scaling the company’s research and development (R&D) centre in Hyderabad. The meeting focused on boosting Telangana’s initiatives in electronics, semiconductors, and AI, with the company directly involved in building software for AI-driven data centres.
Blaize signs MoU with Telangana for electronics, semiconductors, and AI initiatives at the 2026 WEF on January 21.
Blaize has branched out across Asia, strengthening smart cities and industry solutions, including a dedicated R&D centre in Hyderabad. The meeting also focused on ways for the state to help scale the R&D centre.
On signing the MoU, the Chief Minister said that Telangana’s aim to become an AI data centre hub is central to the state’s vision of achieving USD 3 trillion growth over the next two decades.
Telangana IT minister Sridhar Babu also explained the efforts made in launching the “Telangana AI innovation Hub,” the state’s strategic AI nerve centre for driving investments, research and innovation to position Hyderabad as a premier global AI destination.
The meeting also focused on exploring industry use, such as piloting AI solutions for healthcare diagnostics, manufacturing automation, and energy efficiency.
Rs 3,500 crore GCC in Hyderabad
The “Telangana Rising” delegation also met executives from fashion giant L’Oreal, which announced that it will set up its Global Capability Centre (GCC) in Hyderabad that will be inaugurated by November 2026. The L’Oreal facility would be the world’s first GCC in beauty-tech, the Telangana government said.
L’Oréal said it plans to invest Rs 3,500 crore in the GCC.
Telangana minister Sridhar Babu with the L’Oreal team at the 2026 WEF on January 21.
The Revanth Reddy-led delegation held a meeting with Nicolas Hieronimus, the CEO of L’Oréal, who expressed delight at setting up a large-scale beauty-tech GCC in Hyderabad, with a massive investment, said a press release from the Telangana CM’s office.
“The GCC will serve the world-renowned cosmetics company as a global innovation, technology, data, and supply chain hub. This new facility will support L’Oréal’s digital transformation, AI, and analytics initiatives worldwide, boosting Hyderabad’s growing status as a key centre for global enterprise operations,” it added.
Hyderabad: Fashion giant L’Oreal on Wednesday, January 21, announced that it will set up its Global Capability Centre (GCC) in Hyderabad, which will be inaugurated ny November 2026. The L’Oreal facility would be the world’s first GCC in beauty-tech, said the Telangana government.
The announcement was made after Telangana chief minister Revanth Reddy-led delegation met the L’Oreal leadership team at the World Economic Forum in Davos. The decision was announced during the delegation’s meeting with Nicolas Hieronimus, Chief Executive Officer, L’Oréal.
The CEO expressed delighted to setup a large-scale beauty-tech GCC in Hyderabad, with a massive investment, said a press release from the Telangana CM’s office. “The GCC will serve the world-renowned cosmetics company as a global innovation, technology, data, and supply chain hub. This new facility will support L’Oréal’s digital transformation, AI, and analytics initiatives worldwide, boosting Hyderabad’s growing status as a key center for global enterprise operations,” it added.
L’Oreal also invited Revanth Reddy and Minister D. Sridhar Babu for the GCC inauguration in November of 2026. The Minister pitched that Hyderabad is the best destination for investments and that the state government is ready to extend full support to the global investors.
“During the meeting, the delegation explained about the launch of Telangana AI Innovation Hub (TAIH). Responding to this, the CEO said it is very interesting to learn about the AI Innovation Hub,” the release added.
Mumbai: Benchmark equity indices Sensex and Nifty drifted lower in early trade on Wednesday as heightened geopolitical tensions, weak global markets and persistent foreign fund outflows rattled investors’ sentiment.
The 30-share BSE Sensex dropped 385.82 points to 81,794.65 in opening trade. The 50-share NSE Nifty declined 91.5 points to 25,141.
From the 30-Sensex firms, Bharat Electronics, ICICI Bank, Trent, Larsen & Toubro, HCL Tech and Infosys were among the laggards.
However, Eternal, Sun Pharma, InterGlobe Aviation and Tata Steel were among the gainers.
Foreign institutional investors offloaded equities worth Rs 2,938.33 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,665.69 crore, according to exchange data.
In Asian markets, South Korea’s Kospi index, Japan’s Nikkei 225 index and Hong Kong’s Hang Seng index quoted lower, while Shanghai’s SSE Composite index traded marginally higher.
US markets ended sharply lower on Tuesday. The Nasdaq Composite index tumbled 2.39 per cent, S&P 500 dropped by 2.06 per cent and Dow Jones Industrial Average tanked 1.76 per cent.
“US equity markets closed sharply lower overnight, with the S&P 500 slipping 2 per cent and the Nasdaq plunging close to 2.5 per cent, marking the worst single-day fall since October. The global sell-off was triggered by renewed trade-war concerns after President Trump escalated tariff threats on select European nations opposing US control over Greenland, with proposed duties rising from 10 per cent in February to 25 per cent by June,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Renewed US tariff threats, coupled with persistent foreign investor selling, continue to weigh heavily on market sentiment, he added.
Brent crude, the global oil benchmark, dropped 1.11 per cent to USD 64.19 per barrel.
On Tuesday, the 30-share BSE Sensex tumbled 1,065.71 points or 1.28 per cent to settle at 82,180.47. The Nifty tanked 353 points or 1.38 per cent to end at 25,232.50.
Davos: Asserting that there is a huge interest in Karnataka government’s ‘Beyond Bengaluru’ campaign, the state’s senior minister MB Patil on Tuesday, January 20, said his government is developing several other cities to attract investment.
Speaking to PTI during the World Economic Forum Annual Meeting, Patil said Karnataka is one of the most progressive states of the country, and the work started way back in the year 2000 under the leadership of the then chief minister SM Krishna, when Bengaluru was developed as the IT capital of the country.
The minister recalled that the state has had a strong ecosystem since the pre-Independence era and has been home to iconic organisations like ISRO, Indian Institute of Science, BHEL, HAL and HMT.
“We are also pioneers in professional colleges, and until the last three decades, there were not many engineering colleges in other states in India,” he said.
“It is our state from where IT giants like Infosys and Wipro emerged. And now, we are not just an IT capital, we are the biotechnology capital, the machine tools capital, the capital for aerospace and defence, and now the startup capital.”
If one takes the global Fortune 500 companies, 400-plus Fortune companies have their base in Bangalore, he said.
“Here in Davos, we talk a lot about sustainability; we have an incentive for sustainability in our industrial policy. For example, if your manufacturing is green, it has some unique initiatives, sustainable initiatives, and you get an incentive. So, we are truly global. So, we compete with the world in a way,” he said.
He said Karnataka doesn’t believe in signing unrealistic MoUs that are only on paper, and it focuses on real investments.
“Last year, at our global investors summit, we signed deals worth Rs 10.27 lakh crore and more than half of that has already been realised in less than a year,” Patil said.
Nearly 70 per cent of those investments were part of the ‘Beyond Bengaluru’ campaign, which promotes investments in various parts of the state, he added.
He said the state government is focusing a lot on infrastructure development in other cities.
“Airports, rail networks, industrial parks and a lot more are coming up in other cities to make them as good as Bengaluru,” he added.
“If you go beyond Bengaluru, there are a lot of incentives that investors and developers get.”
He said Karnataka is a very diverse state, it is dynamic, cosmopolitan and a peace-loving state and also has a great climate.
Asked how many Bengalurus the state can create, the minister said there is a huge potential in many cities, including Mysore, Mangalore, Hubli, Dharwad, Belgaum, and Kalburgi.
Areas around Bangaluru, such as Kolar, Chikkaballapur, and Tumkur, also have great potential, he added.
Many of these cities already have big industries, manufacturing parks and good infrastructure, and are also being looked into by new investors, including for data centres.
Hyderabad: The “Telangana Rising” delegation, led by Chief Minister Revanth Reddy, engaged with major companies like Google, Philips and Unilever at the World Economic Forum at Davos on Tuesday, January 20, securing their interest in investing in the state’s development, the Chief Minister’s Office (CMO) said.
The vice-president of Royal Phillips, Jan Willem-Scheijgrond, expressed interest in partnering with the Telangana government for artificial intelligence (AI)-led healthcare. The Telangana delegation explained to Willem-Scheijgrond about the newly launched Telangana life sciences policy that aims to build a USD 250 billion life sciences economy by 2030, the CMO said.
Revanth Reddy also mentioned that the state is building a world-class, sustainable industrial cluster to transform pharmaceutical manufacturing and research and development (R&D).
“As part of the state’s new economic development strategy under Telangana Rising 2047 vision, the PURE (Peri-Urban Region Economy) between the Outer Ring Road (ORR) and the Regional Ring Road (RRR) is being developed for manufacturing and logistics,” the CM said.
Minister for IT and Industries D Sridhar Babu also explained that Telangana has a mature ecosystem of over 2,000 life sciences companies, a strong IT–life sciences–healthcare talent base, Genome Valley and the 300-plus-acre Medical Devices and Medical Electronics Park.
Reddy also invited the company’s leadership to visit Genome Valley in Hyderabad.
Unilever to explore setting up GCC in Hyderabad
The Telangana delegation also met Chief Supply Chain and Operations Officer of Unilever, Willem Uijen, who said that the company would be happy to explore setting up a Global Capacity Centre (GCC) in Hyderabad.
Sridhar Babu highlighted that Hyderabad is already home to GCCs of several fast-moving consumer goods (FMCG) companies like McDonald’s, Heineken and Costco, and invited the company to explore manufacturing in Telangana’s industrial parks, the CMO said.
Google to help solve agriculture, climate change issues in Telangana
The delegation also met Google’s Asia Pacific business president Sanjay Gupta, where the CM explained Telangana’s CURE, PURE and RARE framework for regional economic growth and plans to make core Hyderabad pollution-free.
The CM also raised the issue of the overuse of fertiliser by farmers and said there was a need for preventive steps to solve issues related to soil and farming.
Sanjay Gupta said the organisation would be happy to support Telangana in traffic control, cybersecurity, agriculture, startups and climate change.
