Swachh Bio, a company specializing in lignocellulosic biofuels and committed to providing sustainable energy solutions, will soon launch a 250 KLPD second-generation cellulosic biofuel plant in Telangana. The project, which will require an initial capital investment of over Rs 1,000 crore, is set to begin its first phase.
According to the media reports, tis announcement followed a meeting with a Telangana official delegation led by Chief Minister A Revanth Reddy, which also included IT & Industries Minister D Sridhar Babu and others, held in New York on Tuesday.
In the first phase, Swachh Bio plans to directly employ 250 people at the plant and create an additional 250 jobs in support and other roles. The company also aims to contribute to making Telangana a biofuels hub by establishing further plants in the future. The state government has pledged to provide all necessary support to the company.
Swachh Bio Chairperson Praveen Paripati expressed enthusiasm for the project, stating, “We are highly impressed by the decentralised development vision of the new Telangana government led by Chief Minister A Revanth Reddy. We are eager to partner with the state and be part of its development and transformation journey. We are confident this will significantly boost our growth in the coming years.”
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So, a company started 2 weeks ago and with a chair person who has little experience and zero revenues in his previous company in USA is going to invest 1000 crores.
The person who signed the MoM is an IT employee and has no knowledge of this field.