AP Govt signs 245 MoUs at CII summit in Visakhapatnam

AP Govt signs 245 MoUs at CII summit in Visakhapatnam


[ads2]CII Summit is conducted in Visakhapatnam to attract the investments to the state and many industrialists and dignitaries have participated on this event. Fresh MoUs with investment intents of over Rs 1.9 lakh crore have been signed on Monday taking the overall funding commitments to over Rs 3.6 lakh crore within the ongoing Partnership Summit being organised by Andhra Pradesh authorities in affiliation with the Confederation of Indian Business. CM Chandrababu in his speech stated that 245 MoUs are signed since this morning which is record quantity. Chandrababu stated that an quantity of 1,ninety,314 crores of Rupees shall be invested within the state in line with the MoUs.

A large number of investors, including Walmart, Rashtriya Ispat Nigam Limited, Petrogas, Future group, Spencer’s, Arvind Lifestyle, Trimex group, Colgate-Palmolive, Thermax and Isuzu, Foxconn have signed the MoUs on the second day of the partnership summit. Prabhakar said Australia-based Queensland Coal Corporation signed an MoU to set up a 5,280 Mw thermal power project at an investment of over Rs 30,000 crore.

Vizag Steel has announced investments of round Rs 38,000 crore to expand its steel making capacities. Petrogas, a joint venture company between the Malaysia-based Isomeric Holdings Berhad and Lingamaneni Enterprises group, have proposed to arrange an LNG regassifiation and floating storage terminal at Krishnapatnam port on the east coast involving an investment of Rs 3,000 crore.

Andhra Pradesh’s IT minister Palle Raghunatha Reddy said the government was signing memoranda of understandings with 55 small and medium IT firms, involving aggregate investments of Rs 3,100 crore.