Sun Petrochemicals to Invest INR 36700 Crore in Solar and Pumped Hydro Projects in Bihar
Sun Petrochemicals has signed an MoU with the Bihar government to invest INR 36,700 crore in renewable energy projects, including solar and pumped hydro. The RE sector attracted INR 90,374 crore of the total INR 1.81 lakh crore investment commitments secured at Bihar Business Connect 2024.
December 21, 2024. By Mrinmoy Dey
Dilip Shanghvi, MD, Sun Petrochemicals stated, “We are investing INR 36,700 crore in renewable energy and storage infrastructure. I wish to use this opportunity to appreciate the significant change in investor sentiment and environment in the state which encourages us to commit this and in subsequent projects.”
Overall, the state has received investment proposals worth INR 1.81 lakh crore, spanning sectors like renewable energy, food processing, and manufacturing. During the two-day summit, the state signed MoUs for 423 units with a total investment of INR 1,80,899 crore, far surpassing the INR 50,300 crore proposals received at the previous edition, stated Industries Secretary Bandana Preyashi, addressing the reporters.
The renewable energy sector received the highest investment interest, with INR 90,734 crore proposed for 17 units. Besides Sun Petrochemicals, Adani Group and NHPC have announced significant investments in the renewable energy sector in Bihar.
Adani Group has announced INR 27,900 crore investment plan for Bihar, which is set to generate 53,500 jobs. The plan includes projects in logistics, gas distribution, agri-logistics, smart meter manufacturing, cement production, and energy sector infrastructure.
NHPC plans to invest INR 5,500 crore in Bihar's renewable energy projects, including solar and storage solutions, while seeking State government support for land and approvals.
General manufacturing followed with INR 55,888 crore investment commitments across 57 MoUs, and food processing attracted INR 13,663 crore for 70 units. Urban infrastructure also saw 142 MoUs signed with investment commitments of INR 5,566 crore.
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