Hyderabad, Dec 13 (TIWN) Two Japanese companies on Tuesday announced investment of Rs 576 crore in Telangana.

Daifuku, the world's leading provider of automated material handling technology and solutions plans, will set up a manufacturing facility.

The company will invest Rs 450 crore and provide employment to over 800 people.

Nicomac Taikisha Cleanrooms Private Ltd will set up its third manufacturing facility in Hyderabad by investing Rs 126 crore.

The company will expand its cleanrooms production and start producing HVAC systems.

The announcements were made by the top executives of the two firms in the presence of Telangana's Industries and Commerce Minister K.T. Rama Rao and senior officials.

Daifuku signed separate MoUs with the Telangana government.

On the occasion, Rama Rao said the companies have made the right choice by deciding to invest in Telangana.

He said that India is uniquely positioned as the world is looking at alternate manufacturing locations outside of China.

He, however, noted that India needs to pick up the best elements from different parts of the world. "India cannot and does not have the latitude, India does not have the luxury to grow at its own pace. You cannot miss this opportunity. If India has to latch on to this, we have to do what the US has done in the last 30 years in a span of 10 years what China did in 25 years. We don't have the opportunity or luxury of leap frogging. We have to pole-vault," he said.

KTR, as the minister is popularly known, said the country should not merely focus on high-tech, advanced or smart manufacturing but it should focus on basic manufacturing and also ensure smart and efficient manufacturing as part of industrial revolution 4.0.

He called for creating the world's largest pharma and industrial parks. He wished industry bodies like FTCCI FICCI CII and Japanese would come together and create such large parks.