Two Years of Accomplishments
I have no doubt at all that under Chandrababu garu’ s leadership, Andhra Pradesh will remain one of the fastest growing economies in India over the foreseeable future.
- Anil Ambani, Chairman, ADAG
It was a big feat for a fledgling state that was making its debut effort at an investment summit. The CII Partnership Summit held in Vizag in January 2016 was a success way above the expectations of the organisers.
The huge response has given a tremendous fillip to the industrial growth of Visakhapatnam city in particular and the state in general, setting the stage for the flow of future investments.
The State concluded the CII Partnership Summit by signing a total of 331 memoranda of understandings involving investment proposals of Rs 4.78 lakh crore that promise to create 10 lakh jobs.
In addition, the union government, through its representative and the Chemicals and Fertilizer Minister Ananth Kumar, has doled out a slew of large national institutions.
These include a large Greenfield Petrochemicals Complex, a Medical Devices Manufacturing Park, National Institute of Pharmaceutical Education and Research( Niper) and Central Institute of Plastics Engineering and Technology( Cipet), involving investments of over Rs 70,000 crore.
In all, the state headed by the business-friendly Chief Minister was blessed with aggregate investment proposals from both the private investors and union government to the tune of around Rs 6.21 lakh crore.
As many as 1,500 delegates, 350 them from abroad, participated in the summit.
Buoyed by the success of the summit, Chief Minister has also announced that the next summit of the CII would also be held in the city to sustain the momentum.
Essel group of Subhash Chandra was among the key private enterprises at CII Partnership Summit to announce large investments for two projects in AP.
The media-to-infrastructure group has agreed to set up a large solar panels manufacturing facility over 2,000 acres and a smart industrial city over 10,000 acres, involving investments of Rs 13,000 crore.
The smart industrial city would attract at least 200 industries with investment potential of Rs 73,000 crore, said Subhash Chandra.
The Union Chemicals and Fertilizers Minister Ananth Kumar said the state would get a petrochemicals complex to be built by HPCL and GAIL involving at least Rs 25,000 crore of investments. Further, HPCL would expand its capacity near Visakhapatnam involving investments of at least Rs 25,000 crore.
The state would also get a medical devices manufacturing park that could attract a minimum of Rs 20,000 crore of investments, he said.
Reliance shipyard
On the opening day, Anil Ambani made the announcement that a naval ship-building unit would be set up at Rambilli in Visakhapatnam district with an investment of Rs. 5,000 crore, setting the pace.
The Rashtriya Ispat Nigam Ltd- Visakhapatnam steel plant committed an investment of more than Rs. 38,000 crore on its future projects- mainly capacity expansion.
Trina solar project
Trina Solar( India) Pvt Ltd signed a MoU for setting up a Rs. 3,000-crore solar panel manufacturing unit in the multi-product AP Special Economic Zone at Atchyuthapuram in Visakhapatnam district.
Unlike the other companies, Trina Solar laid the foundation stone for the project on the day itself at the site. The company representatives said the unit would start production by the end of the year and it would provide jobs to 3,500 people. The unit was allotted 90 acres in the SEZ.
NIPER to be set up
The Union Minister for Petroleum, Chemicals and Petro-chemicals made an announcement that the National Institute for Pharmaceutical Education and Research( NIPER) would be set up here at an investment of Rs. 600 crore and it would stimulate the growth of pharma industry in the region surrounding Vizag.
If these projects fructify and take shape, there is no doubt that Visakhapatnam will become one of the major industrialised districts in the country.
" The State Government will make all efforts to get the projects grounded and get them completed as early as possible. We will pursue them in right earnest and we will review the progress in the next summit of the CII to be held here," said the Chief Minister.. v JUNE 2016 ANDHRAPRADESHMAGAZINE. ORG 33