Hyderabad:Sun Petrochemicals, a leading energy company, has signed a memorandum of understanding (MoU) with the Telangana government to establish substantial three-pumped storage hydropower projects in the state, bearing a striking investment of Rs 45,000 crore.
Termed as one of the single-largest investment initiatives undertaken, these projects are set to materialise in the districts of Nagarkurnool, Mancherial, and Mulugu, offering 7,000 new jobs over time. The MoU was signed in the presence of Chief Minister A Revanth Reddy during the WEF meeting in Davos on Wednesday.
The groundbreaking projects, featuring a joint capacity of 3,400 MW, will work in tandem with downstream integrated solar power installations totaling 5,440 MW, with expectations to play a pivotal role in Telangana's green energy shift.
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 Revanth Reddy.
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.
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.
"The 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.
Dilip Shanghvi, managing director of Sun Pharmaceutical Industries, and MD, Sun Petrochemicals, said, ”Telangana is becoming an irresistIble force of an investment destination since the last 12 months, under the leadership of Chief Minister 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.”
In another MoU signed on Wednesday, JSW UAV Limited, a subsidiary of JSW Defence, pledged to set up a state-of-the-art Unmanned Aerial Systems (UAV) manufacturing facility. In collaboration with a US-based defense technology company, JSW UAV plans to invest Rs 800 crore in the project.
The initiative is expected to create over 200 high-value jobs and strengthen Telangana's position as a hub for advanced technology and defense innovation. Revanth Reddy welcomed the investment, highlighting the state’s growing leadership in manufacturing sectors like defense, semiconductors, and space.
Sridhar Babu expressed confidence that this agreement will help establish Telangana as India’s largest manufacturing hub.
