Andhra Pradesh Inks Deals Worth Rs 1.25L Crore At World Economic Forum Summit In Davos

The Adani Group plans to invest Rs 60,000 crore in two green energy projects in Andhra Pradesh.

Adani Group chairman Gautam Adani during his meeting with CM YS Jagan Mohan Reddy in Davos.

Source : ABP Desam

Hyderabad: The Andhra Pradesh government said that CM YS Jagan Mohan Reddy's first trip to Davos for the World Economic Forum conference was a huge success, with the state government signing MoUs for projects worth Rs 1.25 lakh crore.

The focus on green energy by the chief minister encouraged steel baron Aditya Mittal of ArcelorMittal, to declare a doubling of the company's investment in the state. The government said that 27,700 MW of green energy is coming into the state with innovative approaches such as pumped storage. 

Notably, Steelmaker ArcelorMittal Nippon Steel India has confirmed an investment of Rs 1,000 crore in its Vizag pellet facility as part of its brownfield expansion in Andhra Pradesh. Due to the planned expansion, Vizag's pellet production capacity will grow by 35%, from 8 to 11 MTPA, as per reports. 

ArcelorMittal, the parent company of ArcelorMittal Nippon Steel India, had recently announced its plans to create a 'round-the-clock' renewable energy facility in Andhra Pradesh with a notional capacity of 975 MW. The Rs 4,600 crore project would combine solar and wind power and be backed by Greenko's hydro pumped storage project which helps offset the intermittent nature of wind and solar power generation.

Meanwhile, Aurobindo Realty Infrastructure Private Limited and the State Government have signed a Memorandum of Understanding to generate 6,000 MW of green energy. The MoU was signed by Former Minister Karikal Valaven and Aurobindo Director Sharatchandra Reddy.

Adani Group, an Indian conglomerate, plans to invest Rs 60,000 crore in two green energy projects in Andhra Pradesh. Adani Green Energy, the company's renewable energy business, has signed a memorandum of understanding (MoU) with the Andhra Pradesh state government to put up the projects.

It is to be noted that Adani Green Energy will provide a 10GW solar power plant and a 3,700MW hydropower storage facility under the agreement.

(With inputs from ABP Desam — It is a Telugu platform of ABP News. For more news, commentary and latest happenings from two Telugu states, follow https://telugu.abplive.com/)