On 13th June, six investment proposals that amount to about INR 3803 crores were cleared by the State Investment Promotion Board (SIPB), which is headed by N Chandrababu Naidu, the Chief Minister of Andhra Pradesh.
According to the statement released by the CM office, KCP Ltd, Rain Group, Chettinad Cement Corporation Private Limited, Vishwaa Apparels, Indo Count Industries Ltd and Mohan Spintex India Ltd are the companies whose proposals were cleared.
Chettinad Cement made the highest proposal of INR 1350 crores with an aim to establish cement manufacturing units and cement grinding facilities in Visakhapatnam district’s villages namely Narasapuram, Gytulapalem and Tallapalem as well as Guntur district’s Pedagarlapadu village. This project is most likely to offer employment to 1250 people and its commercial production will commence by March 2019.
On the other hand, KCP’s proposal that amounts to INR 531.61 crores intends to set up a cement manufacturing unit in Krishna district’s Muktyala viilage. Spanning across 100 acres of land, with the establishment of this plant, at least 100 people will get direct employment while 1900 people will get indirect employment. It is being estimated that this project would be able to generate a revenue of INR 174.14 crores in the first year, which by its fifth year would go up to INR 403 crores.
During the occasion, the CM also checked all the other MoUs that have been signed across various departments. Presently, 17 departments are keeping track of 1569 MoUs which together offer a committed investment amounting to INR 1687845 crores to the state. Of all the projects, 349 have moved on to the production phase.