The state Cabinet, which met here on Monday, endorsed the government’s decisions on creation of AP Gas Infrastructure Corporation Private Limited (APGIC) and allotment of 80 acres of land to the Tata Memorial Trust (TMT) at Aganampudi village in Visakhapatnam district for setting up its campus.
The state government has decided to create APGIC, a gas exploration and production company, for utilising the petroleum and gas resources available in the Krishna-Godavari basin and issued an order to this effect on October 9, 2009. The corporation has been set up as a joint venture with the AP Industrial Infrastructure Corporation (APIIC) holding 51 per cent stake and AP Power Generation Corporation the remaining 49 per cent equity.
On the other hand, TMC, an autonomous grant-in-aid institution under the administrative control of the Department of Atomic Energy, had come forward to set up its campus (second in the country) in the state at the invitation of former chief minister, YS Rajasekhara Reddy. For this purpose, the state government had agreed to allot 80 acres of land in the APIIC Industrial Park at Visakhapatnam at a nominal cost of Rs 1.5 lakh an acre and issued an order to this effect on October 15, 2009.
Both the government orders have been ratified by the state Cabinet.
