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3,00,000 crore Investment Proposals For Andhra Pradesh

3,00,000 crore Investment Proposals For Andhra Pradesh

posted on Jan 2, 2012 @ 12:29PM

Andhra Pradesh Industries Minister J Geetha Reddy announced that the State has received 140 proposals worth Rs 3,00,000 crore investments for industries across various sectors.

The State Investment Promotion Board (SIPB) has given nod to 24 projects including two in the automotive sector where Mahindra & Mahindra will participate and two in the petrochemical sector of Amerind Petrochemicals (Rs 9,950 crore) and Al Qebla Al Watya (Rs 40,000 crore) in the Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) in Visakhapatnam. The proposals that have been given the nod by the SIPB involve an investment of Rs 76,552 crore and these units when completed would directly employ about 71,908 people.

In all, the proposals that Andhra Pradesh received included 29 mega projects, 19 non-mega projects and 15 related to public sector units including BDL, HAL, BEL and NPCL involving an investment of Rs1,22,000 crore. Investment proposals in the power sector were worth Rs 1,67,725 crore, Rs 3,000 crore in the IT sector, Rs 20,000 crore for infrastructure projects and Rs 1,300 crore tourism projects, he said.

If the proposed projects materialise they would result in creating employment to more than 2,50,000 people, the minister said. Meanwhile, the state is making arrangements for ‘New age innovation partnership summit’, a prestigious event where delegates from 26 countries are expected to participate. The event, being organised in association with Confederation of India Industry, will be held at Hyderabad from January 11 to 13.

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