Assurances on investments in Telangana by major industry players continue with three companies announcing their resolve to set up their units in the State with total investment worth over ₹22,000 crore.
JSW Neo Energy, a subsidiary of JSW Energy, has announced plans for setting up a pumped storage project in Telangana with an investment of ₹9,000 crore. GODI India Pvt Ltd has firmed up its plans to set up Lithium and Sodium Ion and related technologies and Giga scale cell manufacturing facility with an outlay of ₹8,000 crore over a period of five years. Another firm Web Werks has indicated that it will invest ₹5,200 crore in the State to establish data centres.
Announcements to this effect were made when Chief Minister A. Revanth Reddy called on the heads of the companies on the sidelines of the ongoing World Economic Forum 2024 meetings in Davos, Switzerland.
JSW Neo Energy signed a memorandum of understanding with the State delegation in the presence of the Chief Minister and JSW Group chairman Sajjan Jindal. The proposed pumped storage project of the JSW Neo Energy would have generation capacity of 1,500 MW. Mr. Revanth Reddy affirmed his government’s support stating that the proposed project aligned with the State’s focus on renewable energy.
Mr. Jindal expressed happiness over the support assured by the State government and said the company was rapidly expanding in the country and aimed at further growth in Telangana.
The Chief Minister also met Iron Mountain CEO William Meaney and Web Werks CEO Nikhil Rathi. The firm expressed its interest in investing ₹5,200 crore for establishing data centres in the State.
GODI India Pvt Ltd announced setting up of a 12.5 GWh cell manufacturing facility along with an R&D hub to work on Lithium and Sodium Ion and related technologies as well as a Giga scale manufacturing facility in the State. The proposed project envisaging 2.5 GWh cell assembly line had employment potential of 6,000 in the first phase This would be followed by planned expansion to 10 GWh in the second phase. The two sides signed a memorandum of understanding to this effect at the WEF.
