Rama Rao said that the firm had proposed to set up a food processing park
Hyderabad: IT minister K.T. Rama Rao said on Thursday that Kolkata-based conglomerate ITC Group would be pumping in around Rs 700 crore for a new hotel in the city.
“The government has cleared a proposal by the hotel division of the multi-business conglomerate for setting up a five-star hotel in Madhapur,” the minister told reporters on the sidelines of a national conference on packaging.
Hospitality business, which has taken a hit because of political uncertainty in Hyderabad, has seen an upswing after the division of Andhra Pradesh.
He also said that the firm had proposed to set up a food processing park. “We have suggested them Gajwel as it is nearer to the state capital and more apt,” Mr Rao said.
The minister, however, did not disclose the investment proposal by ITC, saying that talks are still in preliminary stages.
He said the government has already received proposals for expansion of ITC’s existing paper plant at Bhadrachalam with an investment of Rs 3,000 crore.
Earlier, the minister said that his government is keen to work with corporates in waste management and recycling.
