Sun Petrochemicals Commits Rs 45,500 Cr Investment in Telangana
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Synopsis
In a significant investment agreement, Sun Petrochemicals has signed a MoU with the Telangana government to invest Rs 45,500 crore, focusing on renewable energy projects. This deal aims to enhance sustainable energy in the state and create over 7,000 jobs.
Key Takeaways
- Sun Petrochemicals signs a MoU with Telangana.
- Investment worth Rs 45,500 crore.
- Developing three hydro power projects.
- Creating over 7,000 jobs.
- Aiming for a sustainable energy transition.
Hyderabad, Jan 23 (NationPress) In a landmark investment agreement, Sun Petrochemicals, a premier energy firm, has entered into a Memorandum of Understanding (MoU) with the Telangana government to channel an investment of Rs 45,500 crore into the region.
Signed during the World Economic Forum in Davos on Wednesday, this MoU outlines the development of three pumped storage hydro power projects located in the districts of Nagarkurnool, Mancherial, and Mulugu.
The combined capacity of these projects is set to reach 3,400 MW, further enhanced by integrated solar power plants boasting a capacity of 5,440 MW.
This significant initiative is projected to generate over 7,000 jobs during the construction phase, thereby making a substantial contribution to the socio-economic upliftment of the state, according to an official announcement.
The agreement was formalized between senior representatives of the Telangana government and Sun Petrochemicals, marking a crucial step in Telangana's commitment to sustainable energy development.
This partnership aims to effectively harness renewable energy resources, addressing the growing energy demands while facilitating the state’s transition towards green energy. Telangana is vigorously striving to emerge as India’s leading state in renewable energy.
Chief Minister A. Revanth Reddy expressed enthusiasm for this large investment, noting that Telangana had surpassed previous investment benchmarks by securing Rs 40,000 crore in investments at Davos last year. The 'Telangana Rising' delegation achieved a significant milestone with this agreement with Sun Petrochemicals.
“Our government is prioritizing diverse growth across sectors, from services and manufacturing to innovation and conventional powerhouses. This will result in a vast array of job opportunities for our youth and a transformative impact around Nagarkurnool, Mancherial, and Mulugu,” stated CM Revanth Reddy.
Industries Minister D. Sridhar Babu praised the agreement, attributing it to nearly a year of persistent efforts, numerous discussions, and meetings.
“The Chief Minister and I held multiple discussions, along with our officials and the leadership team of Sun Petrochemicals, bringing one of the largest investment successes to Telangana since 2014,” remarked Sridhar Babu.
“Under the guidance of Chief Minister A. Revanth Reddy, Telangana has become an attractive investment destination over the past year. We are confident this landmark agreement will significantly influence not just the state but the entire nation, given the vital role of green energy in our economy and society,” stated Dilip Shanghvi, Managing Director of Sun Pharmaceutical Industries and Sun Petrochemicals.
