Sun Petrochemicals inks pact with Telangana govt for Rs 45,500 cr projects

Sun Petrochemicals has signed a MoU with the Telangana government for setting up large-scale pumped storage hydro power projects in the state with an investment of Rs 45,000 crore.

The projects, "one of the single-largest investment deals ever", will come up in Nagarkurnool, Mancherial, and Mulugu districts of Telangana and are expected to create 7,000 jobs over a period, a release from the state government said.

"These 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 Rs 45,500 crore, this ambitious venture is expected to create over 7,000 jobs during the construction phase, significantly contributing to the socio-economic development of the State," it said.

 

The pact was signed on the sidelines of the World Economic Forum being held in Davos.

"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 Chief Minister Revanth Reddy.

The collaboration aims to harness renewable energy resources efficiently, addressing energy demands while supporting the state's green energy transition, it said.

Dilip Shanghvi, Managing Director, 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," Shanghvi said.

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.