Telangana Investment: Sun Petrochemicals signs big investment in Telangana, agreement to set up power projects
Telangana Investment: Telangana government has made another big investment in the Davos World Economic Forum conference. Sun Petrochemicals has signed an MoU with the Telangana government to invest Rs 45,500 crore in the state. This company will set up large pumped storage hydroelectric and solar power projects in the state. This deal will provide jobs to about 7,000 people. These projects are coming up in Nagar Kurnool, Manchiriyala and Mulugu areas. This is the biggest agreement ever signed by the Telangana government in Davos.
CM Revanth Reddy’s team, which reached Davos tour, is meeting investors. Businessmen are given information about the state’s infrastructure and investment opportunities.
Telangana has registered another new record on the stage of Davos World Economic Forum. This will lead to investment on a scale that has never happened before. Sun Petrochemicals, a well-known company in the country’s energy sector, has signed an agreement to invest Rs 45,500 crore in the state. The organization has announced that it will set up large-scale pumped storage hydropower and solar power projects in the state. It has signed a memorandum of understanding (MoU) with the state government in this regard. The city will set up pumped storage hydropower projects at three locations in Kurnool, Manchiriyala and Mulugu districts.
The total energy capacity of these three projects is 3400 MW. Solar power plants of 5440 MW capacity will be connected to these. Around 7000 jobs will be created in the construction phase of these projects. It is noteworthy that this is the biggest agreement ever signed by the Telangana government at the Davos platform. Chief Minister Revanth Reddy and Industries Minister Sridhar Babu held important discussions on this agreement with Sun Petro Chemicals MD Dilip Shanghvi. Special Principal Secretary of Industries Department Jayesh Ranjan, Special Secretary to CM Ajit Reddy, Special Secretary of Investment Promotion Vishnuvardhan Reddy participated in this meeting. The MoU was signed in the presence of the Chief Minister.
CM Revanth Reddy said that this agreement will prove to be a milestone in the goal of sustainable energy development of Telangana. He congratulated the representatives of Sun Petro Chemicals for the huge investment. He said that with this one agreement, the Telangana Rising delegation has equaled the record of investment of Rs 40 thousand crore achieved in Davos last year. He said that keeping in view the future energy needs, clean and green energy is the top priority of his government. He said that we are trying to make Telangana a leader in green energy production in the country. He expressed hope that the energy sources from the partnership with Sun Petrochemicals will meet the demand in the future. He said that this agreement will create massive jobs for the youth in the state as well as industrially develop the towns of Kurnool, Manchirayala and Mulugu districts.
Minister Sridhar Babu said his government’s consultations and discussions have been fruitful and he is happy to have secured such a huge investment agreement after the formation of Telangana state. Sun Petro Chemicals Managing Director Dilip Sanghvi expressed confidence that the project to be undertaken will be impactful not only in Telangana but also in the country. He said that this will attract everyone’s attention in the field of green energy. He said that under the leadership of CM Revanth Reddy, Telangana has become an investment destination and he is proud to share a partnership with the state government.
