Deals Sealed Over Dinner in Davos: ReNew Power to Pump Rs 22,000 Crore into Andhra Pradesh
Business deals often find their roots in informal settings, and this was precisely the case earlier this year in Davos. During a dinner meeting between Nara Lokesh, Andhra Pradesh’s IT minister, and Sumant Sinha, founder and chairman of Gurugram-based ReNew Power, a major investment plan took shape. ReNew Power is set to invest Rs 22,000 crore in Andhra Pradesh, marking a significant revival for the company in the state. The groundbreaking ceremony, scheduled for May 16, will launch one of Andhra Pradesh’s largest renewable energy projects by installed capacity. Andhra Pradesh boasts abundant renewable energy potential, but currently lags with an installed clean energy capacity of 9 GW—far behind neighbouring states like Tamil Nadu and Karnataka, which have achieved around 23 GW. Chief Minister N Chandrababu Naidu has openly criticized the previous administration under YS Jagan Mohan Reddy for setting back the state’s power sector. Notably, companies like Power, Greenko Holding, ...