Hyderabad, June 22 (IANS): Telangana's new industrial policy has started yielding results with 17 companies coming forward to set up their units with an investment of Rs.1,500 crore.

The state government has given all approvals to the investment proposals within 10 days against a time-limit of two weeks under the policy.

Ten days after the government unveiled the new policy at a gala ceremony here, the state has attracted the first investment. The government said these units will provide employment to 4,000 people.

Chief Minister K. Chandrasekhar Rao on Tuesday will handover a package of permit papers to the investors, said a statement from the chief minister's office.

These companies include multi-business conglomerate ITC. ITC chairman Y.C. Deveshwar had announced at the launch of the new policy that the company would set up a world-class food processing unit in Medak district with an investment of Rs.800 crore.

The chief minister on June 12 had unveiled the new policy, which make Telangana the first state in India to bestow on investors the right to get clearance of their projects within a set time-limit.

Under the Telangana Industrial Project Approval and Self-Certification System (TS-iPASS), all the mega projects, over Rs.200 crore, will get clearance in 14 days while the other projects will be approved in a month.