Sun Petrochemicals signs deal with government of telangana for Rs 455 billion pumped storage project

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Sun Petrochemicals has signed a memorandum of understanding with Telangana for an investment of Rs 450 billion to establish large-scale pumped storage hydropower projects in Nagarkurnool, Mancherial and Mulugu regions. The plan will create 7,000 jobs and integrate 5,440 MW of solar power plants, making a significant contribution to the green energy transition and socio-economic development of the state.

Sun Petrochemicals has signed a memorandum of understanding with the government of telangana state to establish a large pumped storage hydropower project in the state with an investment of Rs 450 billion crore. The projects, "one of the largest ever single investment transactions", will be carried out in the Nagarkurnool, Mancherial and Mulugu districts of the state of Tregana and are expected to create 7,000 jobs over a period of time, according to a state government press release.
The total installed capacity of these projects is 3,400 MW, which will be supplemented by a downstream integrated solar power plant with a capacity of 5,440 MW. This ambitious venture, with an estimated investment of Rs 455 billion crore, is expected to create over 7000 jobs during the construction phase, contributing significantly to the socio-economic development of the state, "it said.
"Building on the broad base and scope of investment in Trangana, our government has been giving equal importance to all sectors, from services to manufacturing, from innovation to conference powerhouse. This will create a lot of jobs for my young people and generate a hugely impactful transformation around Nagarkurnool, Mancherial and Mulugu, "Chief Minister Revanth Reddy said.

Shanghvi Dilip, managing director and managing director of Sun Petrochemicals, said: "Since the last 12 months, under the leadership of Chief Minister Revanth Reddy, Trangana is emerging as an irresistible investment destination.

"Given the importance of green energy to our economy and society, we believe this landmark agreement will have a huge impact not only on the country, but on the country as a whole," Shanghvi said.

Industry Minister D Sridhar Babu welcomed the agreement, saying it was the result of nearly a year of hard work and involved multiple rounds of discussions and meetings.




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