World Economic Forum: Rs. 56,300 Cr Investment In Telangana In A Single Day

Davos/Internet/Hyderabad, Jan 23 (Maxim News) Telangana has set another new record at the World Economic Forum in Davos. It has mobilized the largest investment in a single day ever. On Wednesday, three companies signed agreements worth Rs. 56,300 crore for the state. These will create around 10,800 job opportunities for the youth of Telangana.

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Sun Petrochemicals, a well-known company in the energy sector, has signed an agreement for an investment of Rs. 45,500 crore in the state. The company has announced that it will set up large pumped storage and solar power projects in the state.

It has signed a memorandum of understanding with the state government in this regard.  Pumped storage hydropower projects will be set up at three places in Nagarkurnool, Mancherial and Mulugu districts.  The total energy capacity of these three projects is 3,400 MW.

These will be connected to solar power plants with a capacity of 5,440 MW. These projects will generate around 7,000 jobs during the construction phase.  This is the biggest deal the Telangana government has signed at Davos so far.  

Chief Minister Revaznth Reddy and Industries Minister Duddilla Sridhar Babu held key discussions on the deal with Sun petrochemicals MD Dilip Sanghvi on Wednesday.

Special Chief Secretary of the Industries Department Jayesh Ranjan, Special Secretary to the CM Ajhith Reddy and Special Secretary of the Investment Promotion Department Vishnuvardhan Reddy participated in the meeting.  The MoU was signed in the presence of the Chief Minister.

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Speaking on the occasion, Revaznth Reddy said “In view of the future energy needs, our government is giving top priority to clean and green energy.  We are trying to make Telangana a leader in green energy production in the country.  I hope that in partnership with Sun Petrochemicals, energy resources will be available in line with the demand in the future.  With this agreement along with large-scale jobs for the youth in the state, Nagarkurnool, Mancherial and Mulugu districts will grow industrially,’ the Chief Minister said.  Minister Sridhar Babu said that the consultations and discussions held by his government have borne fruit and he is happy to have achieved such a huge investment agreement after the formation of Telangana state.  

Sun Petrochemicals Managing Director Dilip Sanghvi expressed confidence that the project they are going to undertake will be very effective not only in Telangana but also in the country.  He said that it will attract everyone’s attention in the green energy sector.  He said that under the leadership of Chief Minister Revanth Reddy, Telangana has become a destination for investments and he is proud to share the partnership with the state government.

Another state-of-the-art Artificial Intelligence (AI) data center cluster is coming up in Telangana.  Control S.Data Centers Limited has signed a memorandum of understanding with the state government in Davos to set it up at a cost of Rs. 10,000 crore.  The company will set up this data center with a capacity of 400 MW.  About 3,600 people will get jobs directly and indirectly.

Speaking after the meeting, Minister Sridhar babu said, the establishment of this data center will be another milestone in the development of digital infrastructure in the state.  The capacity of IT services will increase.  Employment opportunities will improve.  Control S CEO Sridhar Pinnpureddy said that with the establishment of data centers, the standards of IT services in Telangana will further improve.  (Maxim News)

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