Telangana attracts Rs 36,670 crore investment proposals at Davos

  • IANS
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Telangana attracts Rs 36,670 crore investment proposals at Davos
Credit: © Reuters.

Hyderabad, Jan 17 (IANS) Telangana received investment proposals worth Rs 36,670 crore on the second day of World Economic Forum (WEF) annual conference at Davos on Wednesday, it was announced here. The state government delegation, led by Chief Minister A. Revanth Reddy, signed MoUs with six companies on the sidelines of the WEF conference.

The Chief Minister, Industry and Information Technology Minister D. Sridhar Babu and top officials accompanying them had a series of meetings with heads of various companies during the last two days.

The biggest investment proposal of Rs.12,500 crores was received from Adani Group. The Chief Minister had a meeting with Adani Group Chairman, Gautam Adani during which four MoUs were exchanged.

According to an official release in Hyderabad, Adani Green Energy (NS: ADNA ) will invest Rs. 5,000 crore for setting up two pumped storage projects of 1,350 MW.

AdaniConneX Data Centre will invest Rs 5,000 crore to set up a Data Center campus in Chandanvelly. Ambuja Cements (NS: ABUJ ) Ltd will invest Rs 1,400 crore in a cement grinding unit in Telangana with a capacity of 6 million tonnes per annum (MTPA).

Adani Aerospace and Defence will invest Rs 1,000 crore in counter-drone systems and Missile Development and Manufacturing Centre at the Adani Aerospace and Defence Park in Hyderabad.

JSW Neo Energy, a subsidiary of JSW Energy (NS: JSWE ), announced setting up of a pumped storage project in Telangana, with an investment of Rs 9,000 crore. The proposed project will have energy generation capacity of 1,500 MW.

A MoU in this regard was signed during a meeting the Chief Minister had with JSW Group Chairman Sajjan Jindal.

GODI India Private Ltd announced that it will set up Lithium and Sodium Ion and related technologies R&D and Giga scale cell manufacturing facility in Telangana with an investment of Rs 8,000 crore.

The proposed project has employment generation potential of 6,000 in the first phase spread over five years. The project aims to have a 2.5 Gwh cell assembly line in the first phase with planned expansion to 10 Gwh in the second phase.

CEO of Iron Mountain, William Meaney and CEO of Web Werks, Nikhil Rathi were among those who met the state delegation. Web Werks decided to establish data centres in Telangana with an investment of Rs 5,200 crore. Web Werks, a fully owned subsidiary of Iron Mountain, will invest Rs 1,200 crore in a 10 MW networking-heavy data centre in Hyderabad.

This investment is already underway.

Web Werks will expand over the next few years by investing over Rs. 4,000 crore in a greenfield Hyperscale Data Centre in Telangana. Aragen Life Sciences announced its plans to expand its operations in Hyderabad with a new investment of Rs 2,000 crore, which is expected to create 1,500 new jobs. The expansion is primarily targeted towards drug discovery, development and manufacturing activities for the global life sciences industry.

Chief Minister Revanth Reddy had a meeting with Manni Kantipudi, whole time Director and CEO, Aragen Life Sciences. The Chief Minister also had a meeting with Nadir Godrej, Chairman & Managing Director of Godrej Industries Ltd. (NS: GODI ) During the discussions, Godrej expressed keen interest in bolstering the Godrej Group's footprint in Telangana through strategic investments. 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 complex with an investment of Rs 270 crore in the first phase in Khammam district.

Godrej Group has recently concluded a joint venture with Malaysian oil palm giant Sime Darby. As a part of this JV, Godrej will be setting up India’s first commercial oil palm seed garden in Khammam. High quality oil palm seeds are a critical bottleneck and limiting factor for the National Mission on edible oils, which is aimed at achieving the nation's self-sufficiency for edible oils.

The new seed garden in Khammam will make Telangana the first and only source of indigenously produced oil palm germplasm of international repute and will have a capacity to produce 7 million saplings annually that will support oil palm plantation in more than a million acres. Godrej also agreed to establish a Rs 1,000 crore chemical plant in Telangana.

Other key areas discussed included collaborative ventures in skill development, real estate development projects, and expanding the creamline dairy business.

--IANS

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