The Government of Telangana has signed three major Memoranda of Understanding (MoUs) worth Rs 15,000 crore with Megha Engineering and Infrastructures Limited (MEIL), paving the way for significant investments and job creation in key sectors, including renewable energy and wellness tourism, at the World Economic Forum in Davos on Tuesday.
Industries Minister D Sridhar Babu praised MEIL's investment decisions, noting that these projects align with Telangana's vision for sustainable development, job creation, and economic progress. The agreements highlight Telangana's commitment to fostering growth and sustainability.
One of the key MoUs involves the establishment of a state-of-the-art 2,160 MW Pumped Storage Project, aimed at strengthening Telangana's renewable energy capabilities.
MEIL will invest Rs 11,000 crore in this landmark project, which is expected to generate over 1,000 jobs during the construction phase and an additional 250 jobs once operational. The company will also conduct campus recruitment drives to employ local talent.
In another significant move to enhance its renewable energy infrastructure, Telangana has partnered with MEIL to develop a 1,000 MWh Battery Energy Storage System (BESS) at various strategic locations across the state.
With an investment of Rs 3,000 crore, the project is expected to create over 1,000 direct jobs and 3,000 indirect jobs within two years. The BESS will improve energy storage, ensure grid stability, and support peak load management, in line with Telangana's sustainability goals.
The third MoU involves the development of a luxury wellness resort at Ananthagiri, a scenic destination in Telangana. MEIL plans to invest Rs 1,000 crore in the project, which is expected to create over 2,000 jobs during both the construction and operational phases.
The company will also conduct campus recruitment drives in Telangana to ensure local workforce participation.
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