Telangana signs MoUs for investments in energy, space sectors

The Telangana state government signed a memorandum of understanding (MoU) relating to investments in energy and space sectors during the World Economic Forum in Davos yesterday. The government has signed an MoU with Skyroot Aerospace which will invest 500 crore rupees in setting up a private rocket manufacturing, integration and testing unit in the state. 

An official release stated that Chief Minister A Revanth Reddy expressed happiness that a Hyderabad-based company had achieved success in the field of cutting-edge technology at the global level and came forward to invest in the state. He said the government’s partnership with Skyroot Aerospace will demonstrate its strategic vision in the space sector and Hyderabad will soon become a hub for private-sector space activities. Skyroute Aerospace co-founder Pawan Chandana said they are happy to invest in Telangana and will be a part of the growth story of Telangana, particularly Hyderabad. 

The state Government also signed MoUs with Megha Engineering and



Infrastructure Limited (MEIL) to establish three projects, with a total investment of 13,000 crore rupees. An official release stated that the Hyderabad-based infrastructure company will set up a 2,160 MW pumped storage project, a 1,000 MWh battery energy storage system across strategic locations and a world-class wellness resort at Anantagiri in Telangana. These three projects are expected to provide 4,000 jobs in the construction stage and more at the operations stage. 

State Industries Minister D. Sridhar Babu also held discussions with the MTC Group on expanding their hub-and-spoke model to Telangana. The Mitsui Japan group holds 25 per cent equity in the MTC Group. The minister also met Saudi Arabia’s federal minister and president of the royal commission for Jubail and Yanbu, Khalid Mohammed Al-Salem at the Telangana Pavilion at Davos. They discussed a variety of issues the scope for working together and the opportunities for investment into the Telangana Rising vision.