AP signs MoUs worth Rs 1.9 lakh cr on second day

This takes the total investment commitments at the CII Partnership Summit close to Rs 4 lakh cr

As many as 245 memoranda of understanding (MoU) with investment proposals worth Rs 1.9 lakh crore were signed on Monday, the second day of the three-day Partnership Summit being organised by the Andhra Pradesh government and the Confederation of Indian Industry (CII).

With this, the total investment commitments at the summit rose to nearly Rs 4 lakh crore. On Sunday, MoUs worth Rs 1.95 lakh crore, mostly from the energy sector, were signed. Among those signed MoUs on Monday include Jasper Chemicals, Amara Raja Batteries, Indian Oil Corporation, Dr Reddy's Laboratories, Walmart, Rashtriya Ispat Nigam, Petrogas, Future group, Spencer's, Arvind Lifestyle, Trimex group, Colgate-Palmolive, Thermax and Isuzu.

The Andhra Pradesh government signed 63 MoUs with small and medium sector players in the information technology (IT) sector with total investment of Rs 3,165 crore.

Chief minister N Chandrababu Naidu thanked the investors for reposing their confidence in his government and in himself by coming forward to sign the MoUs in a big way. The government is expected to sign a set of MoUs on the last day of the event on Tuesday.

Among the foreign investment proposals, Australia-based Queensland Coal Corporation signed an MoU to set up a 5,280-Mw thermal power project at an investment of over Rs 30,000 crore.

Vizag Steel has announced investments of around Rs 38,000 crore to expand its steel making capacities, apart from construction of a coke oven battery, pellet project and a slurry pipeline.

Petrogas, a joint venture company between Malaysia-based Isomeric Holdings Berhad and Lingamaneni Enterprises group, has proposed to set up an LNG regassifiation and floating storage terminal at Krishnapatnam port on the east coast involving an investment of Rs 3,000 crore. The five-million tonne a year facility will add another five million capacity in the next phase involving similar investments. In a statement, Petrogas said it is in talks with Petronas for roping in the latter as a strategic partner for supply of LNG.

Walmart, Future group, Spencer's and Arvind Lifestyle have together proposed to set up their large format retail stores across AP involving an aggregate investment of Rs 1,500 crore, offering jobs to at least 25,000 persons.

Trimex has announced developing beach sand mining projects at Bhavanapadu and Kalingapatnam on the east coast, involving an investment of around Rs 2,500 crore. About 11 companies, including Colgate-Palmolive, have signed MoUs with the Sri City Industrial Park to set up units in this private industrial park.

Meanwhile, state-owned Housing and Urban Development Corporation (HUDCO) and Andhra Bank signed MoUs to extend Rs 7,500 crore and Rs 5,000 crore loans to fund the infrastructure development in upcoming capital city Amaravati.

Andhra Pradesh's IT minister Palle Raghunatha Reddy said the government was signing memoranda of understanding with 55 small and medium IT firms, involving aggregate investments of Rs 3,100 crore.