AP gets Rs 1.70 lakh cr investment pledge on Day 2 of summit

, 9:21 PM IST

Australia-based Queensland Coal Corp today agreed to set up a coal-based power plant in Andhra Pradesh with an investment of over Rs 30,000 crore as the state received projects commitments worth Rs 1.70 lakh crore on the second day of CII Partnership Summit.

The Andhra Pradesh government inked MoUs involving investments worth Rs 1.70 lakh crore on the second day of the three-day Summit being held here, said Parakala Prabhakar, Communications Advisor to the government.

“By end of the day it would be about Rs 1.70 lakh crore worth of MoUs (signed). Queensland Coal Corp has signed an MoU to set up a coal-based power plant in the State with an investment of over Rs 30,000 crore. We expect about Rs 4 lakh core worth of investments in the state by the end of tomorrow (last day of the meet),” Prabhakar said.

He said in food processing sector alone, the State inked agreements envisaging Rs 5,927-crore investments with potential to generate about 67,000 employment opportunities.

Andhra Pradesh Chief Minister N Chandrababu Naidu yesterday said his Government had signed 32 MoUs with various companies involving investments of Rs 1.95 lakh crore on the first day of the conference. So far, the State has concluded pacts entailing investments of Rs 3.65 lakh crore.

Prabhakar said as many as 150 MoUs are expected to be signed tomorrow.

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant, today inked an MOU with Andhra Pradesh Government for expanding capacity and other works with an investment outlay of Rs 38,500 crore.

Petrogas Pvt Ltd, a JV between Isomeric Holdings Bhd from Malaysia and LEPL Ventures Pvt Ltd (LEPL) of Vijayawada, signed a pact with Krishnapatnam Port Company Ltd (KPCL) and Andhra Pradesh Government for setting up a regasification and floating storage terminal at Krishnapatnam Port with an investment of over USD 500 Million.

Prabhakar said four leading retail chains — Walmart, Future Group, Spencer’s and Arvind — have inked MoUs to invest Rs 1,500 crore in Andhra Pradesh. These agreements have potential to create 25,000 new jobs in retail space.