The minister requested the Malabar group to create awareness among local goldsmiths on the new designs.

IT & Industries Minister D Sridhar Babu with representatives from the British High Commission and Ernst & Young in Hyderabad on Thursday.

HYDERABAD : IT & Industries Minister D Sridhar Babu on Thursday said the state government would turn to the Social Stock Exchange of the Securities and Exchange Board of India (SEBI) for mobilising funds for welfare schemes.

During a review meeting with the representatives of Equippp Desi and National Stock Exchange (NSE) at the Secretariat, Sridhar Babu said that they would explore alternative ways to mobilise funds keeping in view the Fiscal Responsibility and Budget Management (FRBM) regulations.

Through Social Stock Exchange, social enterprises can raise funds for various welfare schemes. The Social Stock Exchange segment on NSE provides social enterprises (non-profit organisations) and for-profit enterprises engaged in eligible activities a unique opportunity to register themselves and raise funds on a recognised exchange platform.

The IT & Industries minister also discussed development impact bonds/social impact bonds with them.

Malabar Group to invest Rs 750 cr in next three days

The minister said that Malabar Group will invest Rs 750 crore in next three years for its gold and diamond unit in Maheshwaram on the outskirts of Hyderabad.

The Malabar unit is the biggest one in the country, Sridhar Babu said and added that the Group has already invested Rs 183 crore in the first phase. The representatives of Malabar Group called on the minister in Secretariat on Thursday.

The minister said that the unit would be launched by the end of this year and it would provide direct employment to 1,500 and indirect employment to 1,250 people.

The minister requested the Malabar group to create awareness among local goldsmiths on the new designs.

He also congratulated Malabar Group chairman MP Ahammed for selecting 120 women to impart training in gold ornaments. He also requested the group to set up a full-fledged training centre at Maheshwaram centre.

Sridhar Babu directed the officials to lay dedicated water pipeline for Malabar Maheshwaram unit and provide basic amenities within one month. Malabar representatives KP Abdul Salam, AK Nishad and others were present.

Meanwhile, Sridhar Babu requested British High Commissioner and Ernst & Young to participate in the Artificial Intelligence (AI) City planned by Telangana government in 200 acres.

He also wanted them to prepare a roadmap for next 20 years for using AI in governance and industrial sectors. He appreciated the British High Commissioner for coming forward to take up training programmes in cybersecurity.