Revanth Reddy and his delegation bagged major investments for Telangana at Davos 2024
Telangana Chief Minister A Revanth Reddy led his state's delegation at the World Economic Forum (WEF) summit in Switzerland's ski-town Davos on Tuesday and brought home a huge cache of investments.
The state has bagged massive investments from the Adani Group, JSW Energy, Godrej Industries, Web Werks, and GODI India Private Limited. With these, the state will generate thousands of new jobs, an official statement said.
The Adani Group will invest a whopping Rs 12,400 crore in Telangana.
Adani Green Energy will invest Rs 5,000 crore to set up two Pumped Storage Projects of 1,350 MW capacity in the state. AdaniConneX Data Centers will invest Rs 5,000 crore for a data center campus in Chandanvelly with a total capacity of 100 MW.
Ambuja Cements will invest Rs 1,400 crore in a cement grinding unit in Telangana, while Adani Aerospace and Defence will invest Rs 1,000 crore in counter-drone systems and missile development and manufacturing centres at the Adani Aerospace and Defence Park.
In addition, the Adani Group has also agreed to support Mr Reddy's goal of creating skilling Universities in the state. Soon, the group will develop an integrated state-of-the-art skilling university in Telangana, the official statement said.
Gautam Adani hailed the business-friendly policies of Telangana under the leadership of Revanth Reddy. "The new government in Telangana under the leadership of Revanth Reddy Garu has been extremely investor friendly and with newly initiated policies, should attract more investments. Adani group will continue growing in Telangana at a high pace," Mr Adani said.
JSW Neo Energy, a subsidiary of JSW Energy, will set up a Pumped Storage Project in Telangana with an investment of Rs 9,000 crore. Sajjan Jindal, Chairman of JSW Group, met with Revanth Reddy on the sidelines of WEF and announced the plan.
The proposed project will have an energy generation capacity of 1,500 MW.
Godrej Industries expressed interest in making major investments in Telangana, choosing Khammam to set up the country's largest palm oil manufacturing unit. "Godrej is already a key player in driving the oil palm mission of the state, wherein they are setting up one of India's largest integrated oil palm processing complexes with an investment of Rs 270 crore in the first phase in Khammam district," the statement said.
The company has also agreed to establish a 1,000-crore chemical plant in the state. "Other key areas discussed included collaborative ventures in skill development, real estate development projects, and expanding the creamline dairy business," the note added.
Web Werks has announced an investment of Rs 5,200 crore in Telangana to set up data centres.
Telangana has also signed a Memorandum of Understanding with GODI India Private Limited, welcoming a 12.5 GWh cell manufacturing with an investment outlay of Rs 8,000 crore to set up a Lithium Giga factory. This will create over 6,000 new jobs in the first phase over the next five years, officials said.
The project aims to have a 2.5 GWh cell assembly line in Phase 1, with planned expansion to 10 GWh in the second phase, an official statement said.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)