Business News | Telangana Signs Three MoUs with MEIL Worth Rs 15000 Cr in Davos

Davos [Switzerland], January 22 (ANI): The Government of Telangana has signed three major Memoranda of Understanding (MoUs) worth Rs 15000 crore with Megha Engineering and Infrastructures Limited (MEIL), paving the way for substantial investments and job creation across key sectors, including renewable energy and wellness tourism during World Economic Forum in Davos on Tuesday.

Industries Minister D Sridhar Babu hailed MEIL's investment decisions, stating that these projects align with Telangana's vision for sustainable development, job creation, and economic progress.

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The agreements showcased Telangana's commitment to fostering growth and sustainable development. One of the key MoUs involves the establishment of a state-of-the-art 2160 MW Pumped Storage Project, an initiative aimed at strengthening Telangana's renewable energy capabilities.

MEIL will invest Rs11,000 crore in this landmark project, which is expected to generate over 1,000 jobs during the construction phase and an additional 250 jobs during its operational phase. The company will also conduct campus recruitment drives to employ local talent.

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In another significant step toward bolstering 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 Rs3,000 crore, the project is projected to create over 1,000 direct jobs and 3,000 indirect jobs within two years.

The BESS will enhance energy storage capabilities, ensure grid stability, and support peak load management, aligning with Telangana's sustainability goals. The third MoU involves the development of a luxury wellness resort at Ananthagiri, a picturesque destination in Telangana.

MEIL plans to invest Rs1,000 crore in the project and is expected to generate over 2,000 jobs during construction and operations phases. The company will also conduct campus recruitment drives in Telangana to ensure local workforce participation.

The initiative underscores Telangana's focus on promoting tourism and fostering regional economic growth. Telangana's collaboration with MEIL highlights its dedication to achieving a balanced approach to growth, sustainability, and employment, marking yet another milestone in the state's development journey. (ANI)

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