Toshiba Transmission & Distribution Systems (India) (TTDI) has signed an agreement (MoU) with the Telangana government to invest Rs 562 crore to build more manufacturing capacity in the state.

This news was shared at a signing event in Tokyo. Telangana Chief Minister Anumula Revanth Reddy and Hiroshi Furuta, the chairman of TTDI, were present.

The increased capacity will help produce more transformers for use in India and for selling to other countries. This will make Toshiba a more important global center for equipment used in transmitting and distributing electricity. 

The Chairman said, "This agreement will strengthen Toshiba's manufacturing presence in India and help create jobs and develop skills locally. With strong support from the Government of Telangana, we are ready to quickly build up our manufacturing abilities and provide high-quality, sustainable energy products for India and the world."

This investment is expected to create over 250 direct jobs in the next three years, starting from the financial year 2024. This action is expected to greatly help the economy and social development of Telangana by creating jobs and supporting industrial growth in the region