Hyderabad: On Tuesday, the state government signed memoranda of understanding (MoUs) with Megha Engineering and Infrastructure Limited (MEIL) to establish three major projects, with a combined investment of Rs. 13,000 crore, at the World Economic Forum in Davos.
MEIL, a Hyderabad-based infrastructure company, will develop a 2,160 MW pumped storage project with a proposed investment of Rs. 11,000 crore. The project is expected to generate over 1,000 jobs during the construction phase, along with an additional 250 jobs once operations begin.
In the second project, the government and MEIL will establish a 1,000 MWh battery energy storage system at strategic locations. With a Rs. 3,000-crore investment, the project is expected to create over 1,000 direct jobs and an additional 3,000 indirect jobs within two years.
This system will be instrumental in strengthening Telangana’s renewable energy infrastructure by facilitating efficient energy storage, enhancing grid stability, and managing peak load demands.
The third project involves the development of a world-class wellness resort at Anantagiri, with an investment of Rs. 1,000 crore. The project is anticipated to generate over 2,000 jobs during both the construction and operational phases. MEIL will also conduct campus recruitment drives for these three projects.