Hyderabad, Jan 13 (IANS) Andhra Pradesh garnered investment proposals worth about Rs.6.50 lakh crore during the Partnership Summit 2012 which concluded here Friday, signalling that the state was a safe business destination after two dismal years wracked by political instability.
“I am sure all the doubts in the minds of investors with regard to the recent happenings have been cleared,” said Chief Minister N. Kiran Kumar Reddy.
He told reporters that the government signed memoranda of understanding (MoUs) with about 250 companies during the summit organised by the Confederation of Indian Industry (CII).
The investments came as a big boost for the state as they came after months of protests over the demand for a separate Telangana state and political wrangled within the ruling Congress party. The government managed to successfully organise the summit after nine years.
Reddy said the state received 243 proposals for investment of Rs.647,832 crore, which is expected to generate employment for 678,597 people.
The chief minister also announced that for every major project, an escort officer would be appointed to ensure hassle free clearances.
“I will be monitoring the progress of the projects every month,” he said.
He said the state would launch a portal in three months to enable businessmen to submit online their investment proposals.
On the last day of the summit, he handed over sanction letters to 23 companies, whose proposals for investment of Rs.71,859 crore were cleared last month.
The investment proposals include those involving foreign direct investment (FDI) of about Rs.100,000 crore.
The investment also includes Rs.125,696 crore by central and state public sector undertakings.
Among the major proposals by PSUs are expansion of the Visakhapatnam Steel Plant with Rs.42,500 crore investment by the Rashtriya Ispat Nigam Limited (RINL), 9,760 MW power projects by APGENCO at a cost of Rs.51,211 crore and Rs.5,000 crore Re-gasified Liquefied Natural Gas (RLNG) terminal by Gas Authority of India Limited (GAIL).
National Thermal Power Corporation (NTPC) will set up 4000 MW thermal power project with an investment of Rs.20,000 crore in Visakhapatnam district.
Of total investment proposals, those that pertain to energy sector involve investments of Rs.295,508 crore, industrial sector Rs.223,064 crore, infrastructure Rs.33,300 crore, information technology Rs.22,400 crore and tourism Rs.1,700 crore.
Among the major private players, GVK Energy Ventures will invest Rs.40,000 crore in four projects to produce 6,400 MW.
Al-Qabela Al Watya of Kuwait will develop Rs.40,000 crore refinery in Petroleum, Chemical and Petrochemical Investment Region (PCPIR) near Visakhapatnam.
Infrastructure major GMR Holdings Private Limited will invest Rs.30,000 crore to develop a refinery-cum-petrochemicals complex in PCPIR at Kakinada and another Rs.3,000 crore for an integrated industrial township over 10,500 acre near Kakinada.
B.R. Shetty Group will set up a Rs.30,000 crore refinery cum petrochemical complex in PCPIR at Visakhapatnam.
Yash Birla Group will invest Rs.22,000 crore to set up advanced solar photovoltaic manufacturing project in Kurnool district. It will also develop Rs.704 crore global integrated ayurveda complex and Rs.2,000 crore sports city near Hyderabad.
Ramky Group signed a MoU to invest Rs.7,751 crore in mega multi product industrial park in Nalgonda district.
VBC Fertilisers and Chemicals Limited proposes to set up urea fertilizer plant in Krishna district with an investment of Rs.7,578 crore while Oswal Chemical and Fertilisers Ltd plans to build urea plant in the same district at a cost of Rs.7,000 crore. NSL Group signed an agreement to establish Rs.5,500 crore urea and complex fertiliser manufacturing plant.
ITC proposes to set up mega pulp and paper project in Khammam district with Rs.6,000 crore investment.
Adani Group plans to develop non-major all weather port with an investment of Rs.5,000 crore.
The chief minister said with the MoUs signed during the summit, the state would add 54,000 MW of power, through coal, gas, hydro, wind and solar projects.
Vish Wind Infrastructure Ltd, Suzlon Energy Ltd and Mytrah Energy (India) Ltd will together be making an investment of over Rs.50,000 crore in three different wind power projects.
Ten other companies will be investing anywhere between Rs.5,500 crore and Rs.10,000 crore to set up coal or gas based projects.
“It is only a matter of time before the state becomes power surplus,” Reddy said, denying that there is any power shortage.