Telangana has secured a major investment deal at the World Economic Forum (WEF) in Davos, Switzerland, with Sun Petrochemicals committing Rs 45,500 crore for the development of three Pumped Storage Hydro Power projects in the state. The Memorandum of Understanding (MoU) signed at the WEF marks a significant milestone in the state's efforts to position itself as a leader in green energy and sustainable development. The deal is expected to create over 7,000 jobs during the construction phase, with the projects set to have a combined capacity of 3,400 MW.

The three Pumped Storage Hydro Power plants will be developed in the districts of Nagarkurnool, Mancherial, and Mulugu, with the aim of boosting Telangana’s renewable energy infrastructure. In addition to these hydro power plants, the project will also include integrated solar power plants with a capacity of 5,440 MW, further contributing to the state's transition towards sustainable and green energy solutions.

This investment from Sun Petrochemicals is one of the largest projects the state has secured in recent years. The Chief Minister noted that this achievement follows a remarkable precedent set in the previous year when Telangana attracted Rs 40,000 crore in investments at Davos. Reddy acknowledged that the successful deal with Sun Petrochemicals marked a "great watermark" for the TelanganaRising initiative, which has been instrumental in driving the state's economic growth and development.

In addition to the Sun Petrochemicals deal, Telangana also signed MoUs with several other companies during the event. Notably, HCLTech committed to expanding its footprint in the state with a new tech center in Hyderabad, which will generate 5,000 additional jobs. Furthermore, Telangana saw agreements with JSW UAV Limited, Megha Engineering and Infrastructures Limited (MEIL), and CtrlS Datacenters Limited, all of which will contribute significantly to the state's economic growth.

Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries, and MD, Sun Petrochemicals said, "Telangana is becoming an irresistible force of an investment destination since the last 12 months, under the leadership of Chief Minister Revanth Reddy. We are sure this landmark agreement will have a huge impact on not only the state but the entire country, given the significance of green energy to our economy and society.”

Indian Industries Minister D. Sridhar Babu also praised the successful negotiations, and said, “Chief Minister and I had several rounds of discussions, along with our officials and top leadership of Sun Petrochemicals to bring to Telangana one of the single largest investment successes since 2014.”