Andhra bags Rs.5.57 lakh crore investment projects

January 12th, 2012 - 7:06 pm ICT by IANS  

Hyderabad, Jan 12 (IANS) Andhra Pradesh has bagged projects involving investment of Rs.5.57 lakh crore, and the MoUs for about Rs.1 lakh crore were signed Thursday on the first day of the CII Partnership Summit.

Various companies signed the Memorandums of Understandings (MoUs) with the state government for land and other incentives.

The MoUs were signed in the presence of Chief Minister Kiran Kumar Reddy and Major Industries Minister J. Geeta Reddy on the first day of the CII Partnership Summit 2012.

Geeta Reddy said MoUs for total investment of Rs.5.57 lakh crore would be signed during the summit, which is concluding Friday.

A top official said MoUs of Rs.2 lakh crore investment in energy sector would be signed on the last day of the event.

GMR Holdings Pvt Ltd will set up a greenfield refinery-cum-petrochemicals complex and an integrated township at Kakinada at a cost of Rs.33,000 crore.

While the refinery will come up with an investment of Rs.30,000 crore, an integrated industrial township will see an additional investment of Rs.3,000 crore.

S.G. Kishore, COO, GMR, told reporters that the company is looking for a strategic partner for refinery. The company is expected to commercialise the plant in the next five years.

GMR’s MoU followed ONGC withdrawing from Kakinada greenfield petroleum refinery and petrochemicals project.

B.R. Shetty and Group will set up a petroleum refinery in Visakhapatnam with an investment of Rs.30,000 crore. The project will come up in Petroleum, Chemicals and Petrochemical Investment Region (PCPIR). The project will provide employment to 3,000 people.

GAIL also signed a MoU with the state government for setting up LNG terminal at a cost of Rs.5,000 crore. The company is yet to decide the location for the project.

GVK Power will set up 2,400 MW thermal power plant in coastal Andhra Pradesh with an investment of Rs.10,000 crore. The location for the project is yet to be decided.

G.V. Sanjay Reddy, vice chairman, GVK Power, told reporters that the coal for the project would be imported from Australia. The MoU for the project will be signed on Friday.

National Thermal Power Corporation (NTPC) will be signing MoU for 4,000 MW projects while Andhra Pradesh Generation Corporation (AP Genco) will enter into agreements for 9,760 MW.

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