SW Neo Energy, GODI India to invest Rs 17,000 crore in Telangana
JSW Neo Energy, a wholly owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana, with a power generation capacity of 1,500 MW.
Hyderabad: JSW Neo Energy, a subsidiary of JSW Energy, announced setting up of a pumped storage project in Telangana, with an investment of Rs 9,000 crore. A Memorandum of Understanding (MoU) was signed between the Telangana government and JSW Neo Energy during a meeting between JSW Group chairman Sajjan Jindal and Chief Minister A Revanth Reddy, on the sidelines of World Economic Forum Annual Summit at Davos.
JSW Neo Energy, a wholly owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana, with a power generation capacity of 1,500 MW.
Speaking on the occasion, Chief Minister A Revanth Reddy assured JSW of all the necessary support for the pumped storage project and said that the proposed project is aligned with the State’s focus on promoting renewable energy. He, further, stated that JSW is a key partner for the State in its journey towards clean and green energy and the State government is keen to collaborate with JSW for their future projects in India.
JSW Group chairman Sajjan Jindal thanked the State government for its support to their proposed project and expressed keen interest to grow its presence in the State.
In a separate meeting, GODI India Private Limited also announced its plans to establish a 12.5 GWh cell manufacturing with an investment outlay of Rs 8,000 crore for setting up of a Lithium and Sodium Ion and related technologies R&D and Giga scale cell manufacturing facility in Telangana, over a period of next five years. An MoU was signed between the State government and GODI India at WEF, following a meeting between Chief Minister Revanth Reddy and GODI India Private Limited founder and CEO Mahesh Godi.
The proposed project has employment potential of 6,000 persons din first phase. The project aims to have a 2.5 Gwh cell assembly line in Phase-1, with planned expansion to 10 Gwh in the second phase.
Chief Minister A Revanth Reddy welcomed the investment and said that the new government of Telangana is working towards promoting the adoption of electric vehicles and establishing a comprehensive EV & ESS ecosystem in the State. On the occasion, Mahesh Godi expressed confidence that the GODI will play a key role in enabling and creating an ecosystem of EV & Energy Storage companies in Telangana. “There is a groundswell of positivity and confidence in the business propensity and growth of Telangana after a Congress government under leadership of CM Revanth Reddy took charge,” he said.
Minister for Industries and IT D Sridhar Babu, Principal Secretary for IT and Industries Jayesh Ranjan, and Special Secretary for Investment Promotion Vishnu Vardhan Reddy were also present.
