Vadodara-based Sun Petrochemicals Ltd. on Monday announced a ₹36,700 crore ($4.24 billion) investment in renewable energy and storage infrastructure in Bihar, marking a significant step in the state’s drive toward sustainable development.
The agreement was revealed at the Bihar Business Connect 2024 event. Dilip Shanghvi, Managing Director of Sun Petrochemicals, highlighted the favorable investment climate in Bihar.
“Our commitment of ₹36,700 crore underscores the positive shift in investor sentiment in the state. These projects, in their pre-commissioning phase, are set to create over 30,000 jobs,” Shanghvi said in a statement.
He added that the investment aligns with the central government’s focus on renewable energy and infrastructure, emphasizing the company’s role in Bihar’s growth trajectory.
Focus on Renewable Energy in Telangana
In a separate development, the company signed a memorandum of understanding with the Telangana government to develop three pumped-storage hydro projects with a combined capacity of 3,400 MW.
According to a statement, the projects will also include integrated solar plants with a capacity of 5,440 MW.
The MoU, signed on Jan. 22 at the World Economic Forum in Davos, involves an investment of ₹45,500 crore. Vidyasagar Tulluri, the authorized signatory for Sun Petrochemicals, signed the agreement alongside senior Telangana government officials.
“These projects will create over 7,000 jobs during the construction phase while supporting Telangana’s transition to green energy,” Shanghvi said, commending the state’s business-friendly policies and proactive approach to sustainability.
Expanding Renewable Energy Portfolio
Sun Petrochemicals, traditionally known for its expertise in oil and gas exploration, has been diversifying its operations to include renewable energy. The company aims to leverage advanced technologies to drive sustainable energy solutions while enhancing India’s energy security.
With these investments in Bihar and Telangana, Sun Petrochemicals strengthens its position as a leader in renewable energy development while contributing to the socio-economic progress of both states.
