Sun Petrochemicals has entered into an agreement with the Telangana government to invest Rs 45,500 crore in developing large-scale pumped storage hydro power projects in the state. The projects, which are set to be some of the largest investment deals in Telangana’s history, will be located in Nagarkurnool, Mancherial, and Mulugu districts. They are expected to generate 7,000 jobs during construction, according to the state government’s statement.
These projects will have a combined capacity of 3,400 MW, supported by integrated solar power plants with an additional 5,440 MW capacity. With an investment of Rs 45,500 crore, the projects aim to significantly boost the state’s socio-economic development. The memorandum of understanding was signed during the World Economic Forum in Davos.
Chief Minister Revanth Reddy highlighted the importance of diversifying Telangana’s investment portfolio, focusing on sectors ranging from services to manufacturing, and emphasizing innovation-driven growth. He stated that the projects would create substantial employment opportunities and drive economic transformation in the regions of Nagarkurnool, Mancherial, and Mulugu. The initiative aims to leverage renewable energy sources to meet energy needs while advancing the state’s green energy objectives.
Dilip Shanghvi, Managing Director of Sun Petrochemicals, expressed confidence that Telangana’s rapid growth as an investment hub, especially under Chief Minister Reddy’s leadership, would make this agreement a game-changer for both the state and the nation. Industries Minister D Sridhar Babu praised the agreement as the result of nearly a year of careful planning and extensive discussions.
Sun Petrochemicals is a prominent player in the oil and gas exploration and production sector, with a focus on unlocking India’s energy potential. The company leverages advanced technology and sustainable practices to explore and develop hydrocarbon resources efficiently.
Its operations include producing crude oil and natural gas from several onshore and offshore assets across India. Committed to reducing the environmental footprint of its operations, Sun Petrochemicals integrates eco-friendly processes and strives to meet the growing energy demands of the nation. With a dedication to innovation and operational excellence, the company contributes significantly to India’s energy security.
