AP receives Rs 6.8 lakh cr worth investment intents for Partnership Summit

A dozen ministers, business delegations from over 50 countries, have confirmed their participation

Nearly 425 companies have sent their investment proposals to Andhra Pradesh government for signing MoUs at the two-day CII Partnership Summit, which will begin in Visakhapatnam on Friday. These proposals entail a total investment intent of around Rs 6.83 lakh crore, according to the government.

Union Finance Minister Arun Jaitley, Union Commerce Minister Nirmala Sitharaman among other Central ministers, CEOs representing close to 100 global and Indian companies including Reliance, Walmart, Aditya Birla Group, Bharat Forge, Essar, Mitsubishi Suzlon, Apollo Hospitals, Fortis, Forbes Marshall are expected to attend the event.

A dozen trade ministers, as well as business delegations from over 50 countries, have confirmed their participation, according to the organisers.

Chief Minister N Chandrababu Naidu said the state has registered an impressive strike rate with regard to the investment intents that were announced during the 2016 Partnership Summit, which too was held in the port city of Visakhapatnam.

Out of Rs 4.67 lakh crore worth of MoUs that were signed in the previous summit, a total of 328 projects with a potential employment for close to 1 million people were already committed, according to the chief minister. Of these, 38 units have gone into production with an investment of Rs 52,987 crore and 6 units are into trial production, he said.

The conversion rate stands at 48% in terms of number of projects and 42% in terms of investment. Remaining projects too were at various stages of implementation, according to Naidu.

The government has received new investment proposals across sectors like industrial, infrastructure, capital region, urban development, energy, tourism and IT.