Andhra Pradesh clears six investment proposals worth Rs3,808 crore
Hyderabad: The State Investment Promotion Board (SIPB) headed by Andhra Pradesh chief minister N. Chandrababu Naidu on Tuesday cleared six investment proposals worth Rs3,808 crore.
The companies whose proposals were cleared are KCP Ltd, Chettinad Cement Corporation Pvt. Ltd, Rain Group, Mohan Spintex India Ltd, Indo Count Industries Ltd, and Vishwaa Apparels, said a press statement from Naidu’s office.
The highest investment proposal was made by the Chettinad Cement at Rs1,350 crore to set up cement grinding units and cement manufacturing plants at Tallapalem, Gytulapalem and Narasapuram villages in Visakahpatanam district and at Pedagarlapadu village in Guntur district. This project will start its commercial production in March 2019, and is expected to provide employment to 1,250 people, said the statement.
Similarly, KCP proposes to start a cement manufacturing unit on 100 acres at Muktyala village in Krishna district, with an investment of Rs531.61 crore. The investment is estimated to generate direct employment for about 100 people and indirect employment to 1,900. The project is expected to generate Rs174.14 crore of revenue in its first year and Rs403 crore by its fifth year.
Naidu also took stock of all the memorandums of understanding (MoUs) signed across various departments. A total of 1,569 are being tracked by 17 departments with a committed investment of Rs16,87,845 crore in AP. Out of the total projects, 343 have gone into the production stage.