Premier Energies, Azure Power invest Rs 700 crore in Telangana

Hyderabad: Premier Energies Group, a leading solar manufacturing company and Azure Power, a sustainable energy solutions provider in India, on Monday invested Rs 700 crore in Telangana to set up a Solar cell and module facility.

This facility will create more than 1000 jobs directly and will support ancillary industry creating local employment of more than 2000 jobs. “With this expansion, Premier Group will be one of the largest employer in aggregate terms in E-City, Telangana,” the company said in a press note.

Telangana IT and Industries minister KT Rama Rao (KTR) allotted additional 20 acres of land in E-city for the Premier-Azure alliance under Telangana Mega Projects.

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Speaking at the event, KTR said, “Government of Telangana appreciates the repeat investment from Premier Energies and Azure Power. We are proud to host their existing state of the art facility in E-City, Telangana and with the new investments, we are confident that they are going to grow bigger, and we assure our complete support to all our entrepreneurs to reach great heights.”

Chairman of Azure Power Alan Rosling said, “Having a long-term supply visibility is an important factor towards de-risking our business. This partnership is a prudent step towards securing long term sustainable value for our stakeholders and towards actualization of India’s vision of Atmanirbhar Bharat.”

Chiranjeev Saluja, managing director of Premier Energies, said “This is the first of its kind strategic partnership between Independent Power Producer and Solar Manufacturing company in India. This marks a major milestone in Government of India’s goal of Make in India.”

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