Key Takeaways
- Telangana secures Rs 45,500 cr investment from Sun Petrochemicals at Davos
- The investment will establish pumped storage hydropower and solar power projects in Telangana, creating 7,000 jobs during the construction phase
- The agreement is a significant milestone in Telangana’s journey toward sustainable energy growth
Hyderabad/Davos: Telangana has achieved a remarkable milestone at the World Economic Forum (WEF) in Davos by securing an unprecedented Rs 45,500-crore investment from Sun Petrochemicals, a leading player in the energy sector.
As part of this investment, the company will establish significant pumped storage hydropower and solar power projects in the state. A Memorandum of Understanding (MoU) to this effect was signed between Sun Petrochemicals and the Telangana government, according to an official statement here late on Wednesday night.
The hydropower projects, with a combined capacity of 3,400 MW, will be developed at three locations: Nagarkurnool, Mancherial, and Mulugu districts. These projects will be integrated with solar power plants boasting a capacity of 5,440 MW.
The construction phase of these initiatives is expected to create 7,000 jobs. This agreement marks a significant milestone for the Telangana government, with it being the largest investment secured at Davos to date.
Chief Minister A Revanth Reddy, along with Industries Minister Sridhar Babu, led the discussions with Sun Petrochemicals’ Managing Director, Dilip Sanghvi. Special Chief Secretary for Industries Jayesh Ranjan, Special Secretary to the Chief Minister Ajith Reddy, and Special Secretary for Investment Promotion Vishnuvardhan Reddy were also present at the signing ceremony.
Chief Minister Revanth Reddy hailed the agreement as a milestone in Telangana’s journey toward sustainable energy growth. He lauded Sun Petrochemicals for its confidence in the state and noted that this single agreement matches last year’s record investment of Rs 40,000 crore.
“Our government prioritises clean and green energy to address future energy demands. Telangana aspires to become a leader in green energy production, and this partnership with Sun Petrochemicals will play a pivotal role,” he said.
The Chief Minister emphasised the broader benefits of the investment, highlighting the industrial growth it would bring to Nagarkurnool, Mancherial, and Mulugu districts, along with significant employment opportunities for the state’s youth.
IT and Industries Minister Sridhar Babu expressed satisfaction with the results of the state’s proactive efforts, stating, “This landmark investment demonstrates the success of our government’s commitment to fostering business partnerships and sustainable development.”
Sun Petrochemicals Managing Director Dilip Sanghvi shared his enthusiasm for the project, stating, “Our initiative will not only benefit Telangana but also serve as a model for green energy projects across the country. Under the leadership of Chief Minister Revanth Reddy, Telangana has emerged as a preferred investment destination, and we are proud to contribute to its growth.”
