JSW Neo Energy has announced establishment of a pumped storage project with a generation capacity of 1,500 MW, at an outlay of Rs 9,000 crore in Telangana.

A company statement said a Memorandum of Understanding (MoU) was signed between the state government and JSW Neo Energy at the World Economic Forum being held in Davos.

Sajjan Jindal, Chairman, JSW Group, met with Chief Minister of Telangana A Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project, it said.

Sajjan Jindal expressed his gratitude to JSW and the Government of Telangana for their proposed project.

Minister for Industries D Sridhar Babu, Principal Secretary Jayesh Ranjan, and Special Secretary, Investment Promotion, Vishnu Vardhan Reddy were also present during the meeting, according to the release.