Andhra Pradesh signs pact for investment region

Andhra Pradesh signs pact for investment region

Hyderabad: Andhra Pradesh on Thursday signed a memorandum of understanding with the Union government for a proposed petroleum, chemicals and petrochemical investment region, or PCPIR, the state chief minister’s office said in a statement.

The region, to come up between Visakhapatnam and Kakinda, is estimated to attract investments of at least Rs3 trillion over the next 7-10 years, it said.

The Union government has so far sanctioned three investment regions, the other two being in Gujarat and West Bengal.

The chief minister’s office said the estimated investment for the region in Andhra Pradesh is Rs19,031 crore, for infrastructure works such as widening of national and state highways, rail links, upgradation of airports, seaports, power supply and water supply.

Of this, the state expects a Union government assistance of Rs6,334 crore.