Telangana government has signed a Memorandum of Understanding (MoU) with RenewSys India with the company promising to invest Rs 6,000 crores in a phased manner over five years generating a direct employment to 11,000 members.
The MoU was signed by Srinath Naidu, Chief Administrative Officer, RenewSys and the Industries Department of Telangana in the presence of Industries and IT Minister, D. Sreedhar Babu. The company will set up multiple PV modules and PV Cell manufacturing units in Telangana.
Mr. Sridhar Babu thanked the RenewSys team for choosing Hyderabad for their new projects. He assured them to extend all necessary facilitation to ground the projects in the fastest time possible. He stated that the new government in Telangana is fully geared towards accelerated growth of the industrial sector and towards this, a new Industrial Policy will be put in the place shortly.
RenewSys is a globally renowned company headquartered in Singapore and has set up India’s first integrated manufacturing facility of solar PV modules and its key components – Encapsulants, Backsheets, and PV cells. It currently has three manufacturing plants in India - in Hyderabad, Bengaluru and Patalganga with Hyderabad factory being their largest integrated facility.
