Various companies signed MoUs with Andhra Pradesh government on Monday to invest Rs.3,745 crore in the state in tourism sector.
The agreements with 11 companies were signed during the launch of state's new tourism policy by Chief Minister N. Chandrababu Naidu in Vijayawada.
Essel Infra Project Ltd plans to develop a resort city with an investment of Rs.1,000 crore. The second major investment (Rs.510 crore) will be by SPI Cinemas Pvt Ltd in meetings, incentives, conferences, and exhibitions (MICE) sector.
Accord Group and Sea Valley Resorts Pvt Ltd sign a MoU for hotel and MICE, involving a total investment of Rs.385 crore.
Pragati Green Meadows & Resorts Ltd will develop a biodiversity theme park at a cost of Rs.300 crore. ITC Group will build a hotel with an investment of Rs.290 crore.
Taj Group and GV Estates & Hotels Pvt Ltd also proposed to invest Rs.200 crore in hotel and MICE projects.
Provisional certificates were also issued to 22 companies who have come forward to invest in various tourism projects including hotels, beach resorts, water sports and adventure sports.
Naidu said the new policy was aimed at developing Andhra Pradesh as a tourism hub and create five lakh jobs. The new policy offers various packages and incentives to the investors.
The investors have been offered subsidy ranging from Rs.2 crore to Rs.10 crore for the tourism projects.
The chief minister said the government was focussing on the sector because of its employment potential. He said with 900 km long coastline, several famous places of worship and natural resources, Andhra Pradesh had tremendous tourism potential.