Andhra Pradesh signs MoUs worth Rs 21,000 cr

Amaravati, March 5 : The Andhra Pradesh Economic Development Board on Tuesday signed Memoranda of Understanding (MoUs) worth Rs 21,0000 crore with various companies.

The MoUs were signed in the presence of Chief Minister N.

Chandrababu Naidu, APEDB Chief Executive Officer J. Krishna Kishore and representatives of different companies.

These MoUs would fructify into the investment potential of Rs 21,000 crore and generate direct employment of around 57,000 and indirect employment of around 1,65,000, said APEDB, which is responsible for sustainable economic growth through trade, investments, partnerships and collaborations.

Under one of the MoUs, Maruti Ispat (and) Energy Private Ltd will set up MS Steel and Alloy Steel Manufacturing plant at Kurnool with an investment of Rs 1,227 crore.

Telugu Pharmaceutical (and) Chemicals Association propose to set up a cluster of MSME pharma companies in Prakasam with an investment of Rs 9,000 crore.

This is expected to generate direct employment for 45,000 people and indirect employment to 1.50 lakh.

Hewlett Packard India (HP), APEDB and the AP Innovation Society are collaborating to set up a state of art centre of excellence centred around latest technologies such as additive manufacturing.

ZTT India Private Ltd will invest Rs 700 crore in optical fibre cable manufacturing at Sri City with an investment of Rs 1,600 crore, while Avanze Inventive Private Ltd will invest Rs 1,800 crore for a unit to manufacture lithium ion batteries.

According to APEDB, a private company is intending to establish a LNG terminal and LCNG fuel stations across 20 locations with an investment of Rs 4,800 crore.



Source: IANS