Lenskart, Azad Engineering among 4 firms to invest ₹7,600 cr in Telangana, generate 5,200 jobs

Telangana secures ₹7,600 crore investment from aerospace, solar energy, and eyewear companies, creating 5,200 jobs.

Four companies in the high precision aerospace and defence, solar energy and eyewear retailing space have committed to establish a project each in Telangana entailing a total investment of almost ₹7,600 crore.

Their projects are expected to generate 5,200 jobs, Industries and IT Minister D. Sridhar Babu’s office said after the MoUs for the projects were signed, with the companies, on Sunday (December 8, 2024) at a programme convened to mark one year of the Congress government in the State.

Home grown supplier to aerospace and defence original equipment manufacturers Azad Engineering, that in recent months have bagged multiple orders, has decided to set up a ₹800 crore superalloy manufacturing plant (₹300 crore in phase 1 and the remaining ₹500 crore in phase 2) near Hyderabad. The facility, projected to provide employment to 600 people, will come up on 25 acres identified in IP Ghanpur, the Minister’s office said on the mega investment announcements.

Premier Energies, another home grown entity and well known name in the solar power space said it will set up a solar ingots and aluminium plant with a total investment of ₹2,000 crore on about 125 acres in Sitarampur. About 1,500 are likely to be created by the project.

Another investment committment the State received in the renewable energy space at the programme was ₹3,342 crore from Premier Energies Global Environment for a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon module manufacturing unit in Sitarampur. The company has been allotted 75 acres in Sitarampur and the project is expected to provide 1,000 jobs.

Lenskart, a popular name in the eyewear online retailing space, committed to invest ₹1,500 crore to establish an an eyewear products manufacturing plant in Fabcity. The project is expected to generate 2,100 jobs.