Essel Group to set up two multi-billion dollar projects in AP

Subhash Chandra-led entity to build solar panel manufacturing unit and smart industrial township

Essel Group chairman Subhash Chandra announced on Tuesday that his company had signed MoUs with the Andhra Pradesh government to set up two multi-billion dollar projects in the state.

The media and entertainment group plans to set up a solar panel manufacturing project in collaboration with a Chinese company at an investment of around Rs 13,000 crore.

The second project will be a smart industrial township proposed to be established on 10,000 acres of land. This would house 200 industries bringing in a total investment of Rs 73,000 crore, according to Chandra.

"So far, we have been only in the services sector be it media or leisure industry. Inspired by the 'Make in India' call given by Prime Minister Narendra Modi, I have decided to start a silicon-to-solar panel project," Chandra said at the valedictory function of the CII Partnership Summit here.

Terming chief minister N Chandrababu Naidu as a friend for the past 25 years, the Essel Group chairman said he had decided to set up these two projects after seeing his initiatives in Andhra Pradesh.