The government of Telangana signed memorandums of understanding worth thousands of crores on the third day of the World Economic Forum. Of particular note was an investment of ₹45,500 crore made by Sun Petrochemicals, a prominent energy company, which would develop three Pumped Storage Hydro Power projects in the districts of Nagarkurnool, Mancherial, and Mulugu. Another significant MOU was with JSW UAV Limited, a division of JSW Defence, to invest over ₹800 crore in the construction of a cutting-edge Unmanned Aerial Systems manufacturing facility in the State.
The Telangana government and HCLTech, a well-known international technology firm, inked a memorandum of understanding earlier today. With the opening of a new tech center in Hyderabad, the company plans to increase its worldwide delivery footprint and create 5,000 new job 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.
Downstream integrated solar power plants with a capacity of 5,440 MW will supplement the 3,400 MW total capacity of the Sun Petrochemicals projects. This ambitious project is anticipated to generate over 7,000 employment throughout the construction period, with a projected cost of ₹45,500 crore. While Telangana doubled its previous benchmarks of a decade in obtaining ₹40,000 crore investments at Davos last year, Chief Minister A. Revanth Reddy welcomed the massive investment and noted that the TelanganaRising delegation had achieved 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 praised the several agreements that attracted significant investments, stating that they were the outcome of over a year’s worth of hard work that included numerous meetings and rounds of discussions. 5,000 IT workers will be housed in the 3,20,000-square-foot HCLTech building in Hitech City, which has earned Gold Certification from the Indian Green Building Council, demonstrating the company’s dedication to environmentally friendly operations.
Under the direction of Mr. Revanth Reddy, Telangana has become an alluring investment destination in the past 12 months, according to Dilip Shanghvi, MD of Sun Petrochemicals and Managing Director of Sun Pharmaceutical Industries.