Sun Petrochemicals, an oil and gas company founded by Sun Pharma’s Dilip Shanghvi, has entered into a Memorandum of Understanding (MoU) with the Telangana government for the development of large-scale pumped storage hydropower projects in the state, with a total investment of Rs. 45,500 crore.
The MoU was signed by Vidyasagar Tulluri, authorized signatory for Sun Petro, along with senior Telangana government officials, on January 22, 2025, in Davos, Switzerland, during the World Economic Forum (WEF).
This partnership, described as one of the largest investment deals in the region, will see the construction of pumped storage plants in the districts of Nagarkurnool, Mancherial, and Mulugu. The projects are expected to create approximately 7,000 jobs, according to a statement from the Telangana government.
Sun Petro’s investment will involve a combined capacity of 3,400 MW across the pumped storage plants, along with integrated solar power plants generating 5,440 MW. These projects are set to address the growing energy demands of the state while playing a key role in supporting Telangana’s transition to renewable energy.
Chief Minister of Telangana, Revanth Reddy, emphasized that the collaboration will efficiently harness renewable resources to meet energy needs and advance the state’s green energy goals.
Dilip Shanghvi, Managing Director of Sun Pharma and Sun Petro, remarked, “Telangana has become a prime destination for investment over the past year, particularly under the leadership of Chief Minister Revanth Reddy. This landmark agreement is not only pivotal for the state but will also have a substantial impact on the entire country, given the importance of green energy to our economy and society.”
Sun Petro currently operates nine oil and gas fields across the Cambay and Kutch basins in Gujarat, focusing on exploration, development, and production.