(MENAFN- IANS) Hyderabad, Jan 23 (IANS) In one of the single-largest investment deals, Sun Petrochemicals, a leading energy company, has signed a Memorandum of Understanding (MoU) with the Telangana government to invest Rs 45,500 crore in the state.
As per the MoU signed on the sidelines of World Economic Forum in Davos on Wednesday, the company will develop three pumped storage hydro power projects in the districts of Nagarkurnool, Mancherial, and Mulugu.
These projects will have a combined capacity of 3,400 MW and complemented by downstream integrated solar power plants with a capacity of 5,440 MW.
This ambitious venture is expected to create over 7,000 jobs during the construction phase, significantly contributing to the socio-economic development of the state, said an official statement here.
The MoU was signed between senior officials of the government of Telangana and Sun Petrochemicals, marking a major milestone in Telangana's drive toward sustainable energy development.
The collaboration aims to harness renewable energy resources efficiently, addressing energy demands while supporting the state's green energy transition. Telangana is putting top efforts to become India's number one state in green energy.
Chief Minister A. Revanth Reddy welcomed the huge investment, observing that while Telangana doubled the previous benchmarks of a decade in getting Rs 40,000 crore investments at Davos last year, the 'Telangana Rising' delegation had scored a great watermark agreement with this deal with Sun Petrochemicals.
"Broadbasing the investment base and scope of Telangana, our government has been giving equal importance to all sectors, from services to manufacturing, from innovation-based to convention-powerhouses. This will create a large number of jobs for my youth and create a highly impactful transformation around Nagarkurnool, Mancherial, and Mulugu," said CM Revanth Reddy.
Industries minister D. Sridhar Babu welcomed the agreement, saying it was a result of diligent efforts of nearly a year, involving several rounds of discussions and many meetings.
"Chief Minister and I had several rounds of discussions, along with our officials and top leadership of Sun Petrochemicals to bring to Telangana one of the single largest investment successes since 2014," said Sridhar Babu.
"Telangana is becoming an irresistible force of an investment destination since the last 12 months, under the leadership of Chief Minister A. Revanth Reddy. We are sure this landmark agreement will have a huge impact on not only the state but the entire country given the significance of green energy to our economy and society," said Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries, and MD, Sun Petrochemicals.
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