Telangana Chief Minister A. Revanth Reddy with AP Chief Minister N. Chandrababu Naidu and Maharashtra Chief Minister Devendra Fadnavis at the World Economic Conference in Davos, Switzerland on Wednesday.
The third day of the World Economic Forum saw a windfall for Telangana as the government signed MoUs worth thousands of crores with the prominent being an investment of ₹45,500 crore by Sun Petrochemicals, a leading energy company, which would develop three Pumped Storage Hydro Power projects in the districts of Nagarkurnool, Mancherial, and Mulugu.
Another major MoU was with JSW UAV Limited, a subsidiary of JSW Defence, to establish a state-of-the-art Unmanned Aerial Systems manufacturing facility in the State investing around ₹800 crore.
Earlier in the day, the Telangana government signed an MoU with HCLTech, a leading global technology company, which will expand its global delivery footprint in Hyderabad with the launch of a new tech centre providing 5,000 additional employment opportunities. In yet another development, three MoUs were signed with Megha Engineering and Infrastructures Limited (MEIL) which would invest ₹15,000 crore in three different projects. An investment of ₹10,000 crore will come from CtrlS Datacenters Limited, which would establish a cutting-edge AI Datacentre cluster.
The Sun Petrochemicals projects will have a combined capacity of 3,400 MW and will be complemented by downstream integrated solar power plants with a capacity of 5,440 MW. With an estimated investment of ₹45,500 crore, this ambitious venture is expected to create over 7,000 jobs during the construction phase.
Chief Minister A. Revanth Reddy welcomed the huge investment, observing that while Telangana doubled the previous benchmarks of a decade in getting ₹40,000 crore investments at Davos last year, the TelanganaRising delegation had scored a great watermark agreement with this deal with Sun Petrochemicals.
“This will create a large number of jobs for my youth and create a highly impactful transformation around Nagarkurnool, Mancherial, and Mulugu,” said Mr. Revanth Reddy adding that Telangana was bound to become India’s number one State in green energy.
Industries Minister D. Sridhar Babu welcomed the several agreements attracting huge investments, saying it was a result of diligent efforts of nearly a year, involving several rounds of discussions and many meetings. The HCLTech with 3,20,000-sqft facility located in the Hitech City will house 5,000 IT employees and comes with Gold Certification from the Indian Green Building Council, underscoring HCLTech’s commitment to sustainable business practices.
Dilip Shanghvi, Managing Director, of Sun Pharmaceutical Industries, and MD, Sun Petrochemicals, said that Telangana was becoming an irresistible force of an investment destination in the last 12 months, under the leadership of Mr. Revanth Reddy.
Published – January 22, 2025 10:04 pm IST
