Foundation laid for Andhra's first FDI project

Andhra Pradesh Chief Minister Chandrababu Naidu on Thursday laid the foundation stone of the first Foreign Direct Investment (FDI) project in Andhra Pradesh.

The B.R. Shetty group of Abu Dhabi is setting up Medi City-an all in one destination for medical needs-in Amravati, the new capital of Andhra Pradesh. Padma Shri award recipient Business tycoon B. Raghuram Shetty is investing $2 billion in the project.

Chief Minister Naidu said that the farmers cooperated with the officials while negotiating for the project.

"Farmers of this area thought wisely and responded to my call for cooperation after state bifurcation. They have given 35,000 acres of land to the government immediately." he said

He said that the new initiative aims to make this Medi City a state of the art facility.

He said, "They are going to invest 6500 Crore in the project for which foundation is laid today. As many as 400 medical seats will be created.

Every year 500 placements will be created. Further, a 1000 bed hospital will be set up that will serve free of cost. The group will invest another 6000 Crore at next level."

The Andhra Pradesh Economic Development Board (APEDB) claims this is the beginning of FDIs into the state.

J. Krishna Kishore, CEO of APEDB said, "Many more FDIs will start materializing in Andhra Pradesh really soon."

The BRS Group plans to complete the first phase of the construction by next year.