Andhra Pradesh attracts investment proposals worth ₹7 lakh crore at CII Partnership Summit

The Andhra Pradesh government has signed as many as 84 memorandums of understanding (MoUs) worth about ₹7 lakh crore at the ongoing 31st CII Partnership Summit in Visakhapatnam.

A total of 73 MoUs worth ₹5.84 lakh crore were signed on Thursday, with the potential to create over one lakh jobs. Eleven MoUs worth ₹1,40,705 crore were signed on Friday, with the potential to generate over 10,000 jobs.

"Reliance Industries Limited, Greenko Energies Private Limited, Clean Max Enviro Energy Solutions Limited, Megha Engineering & Infrastructures Limited, and Kia India Private Limited are among the companies which have made large commitments," the state government said.

The MoUs were exchanged in the presence of Chief Minister N. Chandrababu Naidu and HRD, Electronics and IT Minister Nara Lokesh.

"Of the total eleven MoUs signed today, a government order was issued for the expansion of Hindalco Industries Limited in the chemicals and petrochemicals sector under the jurisdiction of APIIC, involving an investment of ₹880 crore and expected to generate employment for 447 people," the government said in a release.

The other MoUs include an investment of ₹15,000 crore from JSW Steel.

Space-tech firms Agnikul, Hathor propose ₹760 crore investments

The state has attracted multiple proposals in the space-tech sector.

Agnikul Cosmos Private Limited has proposed an investment of ₹510 crore, generating 350 jobs. Hathor Rockets has proposed an investment of ₹250 crore, generating 200 jobs.

Greenzone Renewable Energy Private Limited has proposed an investment of ₹8,000 crore, generating 200 jobs, while Indian Oil Corporation Limited (IOCL) has inked a pact with the state for an investment proposal of ₹6,600 crore, generating 800 jobs.

The other MoUs include investments by Kakinada Seaports Limited (KSPL) in the ports, shipbuilding and maritime sectors. KSPL has proposed an investment of ₹6,452 crore, generating 852 jobs. EIH Limited has proposed an investment of ₹175 crore, generating 150 jobs in the Andhra Pradesh Capital Region Development Authority area, which is developing the Amaravati capital city.

"In addition, Hero MotoCorp Limited signed a P4 MoU to provide scholarships to 720 IIT students at a cost of ₹32.8 crore. Besides, ITC Limited signed a P4 MoU to uplift people in 100 villages, including 15 model villages," the government said.

Naidu called upon industrialists to focus not only on signing agreements but also on grounding projects and ensuring their timely implementation. He assured that the state government would extend complete support to industries in taking their projects forward.

Naidu said the government had earmarked 5,000 acres near Tirupati for the space sector, adding that the region was well suited for industries in the space and defence sectors.