Andhra clears Rs.9,200 crore investment proposals
news Saturday, October 04, 2014 - 05:30
The News Minute | September 26, 2014 | 11:43 pm IST Hyderabad: The State Investment Promotion Board (SIPB) of Andhra Pradesh on Friday approved three investment proposals of Rs.9,200 crore. The SIPM meeting chaired by Chief Minister N. Chandrababu Naidu gave its approval for two greenfield cement plants - one in Dachepalli of Guntur district and other in Petnikota of Kurnool district by Ultratech cement of Aditya Birla group. It also cleared a third cement plant to be set up by Ramco Group at Kolimigundla. The total capacity of these three cement plants will be about 12 million tons per annum and will generate employment for nearly 4,000 people directly and a few thousands more indirectly, said an official statement. The SIPB also decided to provide railway siding facility between Sanjamala and Kolimigundla over a distance of 20 km. It also cleared incentives for Kellogs India Ltd., which is setting up its plant near Sri City. The SIPB also approved supply of water at concessional rate for a period of five years for all new textile units that will come up in Bandix SEZ at Atchutapuram in Visakhapatnam District. It decided to immediately reduce the Value Added Tax (VAT) being levied on Subabul from 14.5 percent to 5 percent as Subabul is also a pulp wood species meant for paper and card board industry. With IANS
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