17 January,2024 02:38 PM IST | Davos | mid-day online correspondent
Telangana CM Revanth Reddy at Davos WEF 2024/ X
The Telangana government and the Adani Portfolio of Companies have negotiated four Memorandums of Understanding (MoUs) totalling over Rs 12,400 crore, marking a significant development at the World Economic Forum (WEF) 2024 in Davos. According to agency reports, the agreements, which were signed in the presence of Gautam Adani, the chairman of the Adani Group, and Revanth Reddy, the chief minister of Telangana, mark a significant step towards promoting inclusive, sustainable, green, and transformative economic growth in the area.
"The Adani portfolio of companies, one of the world's largest infrastructure conglomerates, and the Government of Telangana signed four MoUs for investment of over Rs 12,400 crore, at the World Economic Forum 2024. These MoUs will help build the foundations for economic growth of Telangana that is green, sustainable, inclusive, and transformative," their press statement read, per a report in PTI.
Over the next five to seven years, Adani Enterprises Limited (AEL) promised to invest more than Rs 5,000 crore to build a state-of-the-art 100 MW data centre. Prioritising sustainability, the data centre will work with nearby companies and rely on renewable energy sources, creating 600 jobs in the process, the reports added.
According to an ANI report, Adani Green Energy Limited (AGEL) has announced an investment of over Rs 5,000 crore in two pump storage projects (PSPs) with capacities of 850 MW and 500 MW. This decision underscores AGEL's commitment to sustainable energy solutions while also strengthening the state's energy infrastructure.
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Ambuja Cements has inked an MoU for a Rs 1,400 crore investment to build a state-of-the-art 6 MTPA cement plant over the next five years. The 70-acre plant is intended to dramatically increase manufacturing capacities and employ approximately 4,000 people, the report added.
It further stated that Adani Defence Weapons and Technologies Limited committed to investing more than Rs 1,000 crore over the following ten years, with an emphasis on creating an all-encompassing ecosystem for missile and counter-drone weapons. Over 1,000 jobs will be created at the Adani Aerospace Park, which will act as a hub for vital defence capabilities and improve India's defence readiness.
These memorandums of understanding represent a cooperative endeavour to promote Telangana's technological development, economic growth, and job creation. Telangana is now positioned as a major actor in India's growth trajectory because of the strategic alignment between the state government and Adani's varied portfolio, which highlights a common vision for sustainable development and innovation, the report further stated.
With PTI inputs
