Corporate biggies such as Adani Group and JSW are among the investors that signed MoUs with the state government
Revanth Reddy signed MoUs with Adani Group Chairman, Gautam Adani. (X)
The Telangana government has sealed Memorandum of Understandings (MoUs) worth around ₹36,500 core at the World Economic Forum (WEF) being held at Davos in Switzerland, said the state government in a press release on Wednesday, 17 January.
Corporate biggies such as Adani Group and JSW are among the investors that signed MoUs with the state government in the presence of Chief Minister Revanth Reddy who is currently camping in Davos along with Industries Minister D Sridhar Babu and some senior officials.
Within 15 days of engaging with the Telangana government in Hyderabad, the Adani Group has inked MoUs, charting a course for investments totalling ₹12,400 crore to be infused into various sectors in Telangana over the forthcoming years.
Telangana Chief Minister A Revanth Reddy held a significant meeting with Gautam Adani, the Chairman of the Adani Group, at the WEF just before the signing of these pivotal agreements.
The group has agreed on the setting up of Pumped Storage Projects, Data Centers, Counter Drone Systems and Missile Development and Manufacturing Centres at the Adani Aerospace and Defence Park here, apart from a Cement Grinding unit in the state.
Besides, Adani Group has also agreed to support the chief minister’s goal of creating skilling universities in Telangana, the press release said.
#Telangana govt says #AdaniGroup has announced investments worth ₹12,400 Crore in the Stats across multiple businesses.
Chief Minister of Telangana @revanth_anumula met with @gautam_adani at the World Economic Forum in @Davos where 4 MoUs were signed for investments over next… pic.twitter.com/Ny0pq7gYfX
— South First (@TheSouthfirst) January 17, 2024
Sridhar Babu, and other government secretaries, alongside Gautam Adani and Ashish Rajvanshi, president and CEO of Adani Defence and Aerospace, jointly discussed the intricate details of the ongoing project.
CM Revanth Reddy along with Gautam Adani, Chairman of Adani Group, in a meeting at Davos. (Supplied)
In a noteworthy turn of events on 3 January, as per the information on the government’s official website, the Adani Group expressed its intent to invest in the state of Telangana.
Chief Minister Revanth Reddy engaged in discussions with Gautam Adani’s son and CEO of Ports and SEZs, Karan Adani, and Adani Defence and Aerospace CEO Ashish Rajvanshi.
The chief minister assured the Adani Group delegation that the state government would furnish the necessary amenities, infrastructure, and subsidies to facilitate the establishment of new industries, fostering industrial growth, and generating more employment opportunities.
Reiterating the state’s unwavering support, Chief Minister Revanth Reddy emphasised the commitment of the Telangana government to provide necessary amenities and infrastructure for the successful execution of these projects, as stated in the official CMO release.
In response, Gautam Adani, Chairman of Adani Group, expressed optimism, stating, “The new government in Telangana has been extremely investor-friendly and with the implementation of planned policies, we anticipate attracting even more investments. Adani Group is poised for rapid growth in Telangana.”
JSW Neo Energy, a subsidiary of JSW Energy, has announced that it would set up a Pumped Storage Project in Telangana, with an investment of ₹9,000 crore.
An MoU was signed between the state government and JSW Neo Energy at a meeting at the WEF.
JSW Group Chairman Sajjan Jindal met with Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project, another release said.
A MoU was signed between the state government and GODI India, a Hyderabad-based lithium-ion cell manufacturer, at the WEF under which the company will be setting up a 12.5 GWh cell manufacturing unit and conducting research and development of related technologies with an investment outlay of ₹8,000 crore in Telangana, over a period of five years, according to another press release.
Similarly, Web Werks, a leading IT infrastructure provider, announced ₹5,200 crore to establish data centres in Telangana while Aragen Life Sciences, which is in the manufacturing and R&D space in the life sciences sector, announced plans to invest ₹2,000 crore on its existing plant here for expansion, which will create 1,500 new jobs.
Revanth Reddy had a crucial meeting with Nadir Godrej, Chairman and Managing Director of Godrej Industries Ltd The meeting underscored Godrej’s growing interest in Telangana and the potential for substantial investments in various sectors within the state, a separate release said.
(With PTI inputs)
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