Partnership Summit to see 140 deals

MoUs worth Rs 3.14 lakh crore to be signed during the 3-day event beginning January 11.

The Andhra Pradesh government will be signing MoUs on as many as 140 investment proposals worth Rs 3,14,466.1 crore (or Rs 3.14 lakh crore) during the three-day Partnership Summit being held from January 11-13 here. More than half of the total investment belongs to the energy sector alone.

Of these, the State Investment Promotion Board (SIPB) headed by chief minister N Kiran Kumar Reddy on Saturday approved 24 projects with a combined investment of Rs 72,452 crore.

About 87 manufacturing projects with a combined investment of Rs 1,22,441.1 crore, including 15 from public sector defence companies with an investment of Rs 10,475 crore, about 42 investment proposals worth Rs 1,67,725 crore in the energy sector, two infrastructure projects with a proposed investment of Rs 20,000 crore, five IT projects with Rs 3,000 crore investment and four tourism projects worth Rs 1,300 crore are part of this grand show, according to state major industries minister J Geeta Reddy.

Among the projects approved by the SIPB, about five chemical and petrochemical projects including refineries alone would bring in Rs 56,246 crore, the minister informed.

The annual international event is organised by the Union Commerce Ministry and the Confederation of Indian Industry (CII) in partnership with the AP government.

The state government is trying to use this opportunity to showcase AP as an attractive investment destination by signing so many MoUs at one go as was done in the recent past by Gujarat and Karnataka.

The minister said the response from overseas delegations to the event had been very encouraging. Ministerial delegations from 12 countries and business delegations from 26 countries have so far confirmed their participation in the Partnership Summit, she said.