Andhra signs MoUs worth Rs 10.4 lakh crore in two days of CII Partnership Summit
Andhra Pradesh received a windfall with the signing of MoUs worth about Rs 10.4 lakh crore with various companies during the two-day Partnership Summit in Visakhapatnam.
Beating its own expectations, the host state signed 665 memorandums of understanding (MoUs).
While 128 MoUs worth about Rs 4.25 lakh crore were signed on the first day Friday, the concluding day saw the signing of a majority of the MoUs worth Rs 6.15 lakh crore.
According to Chief Minister's office, this investment will generate employment for 22.5 lakh people in the state.
Chief Minister N Chandrababu Naidu said the MoUs in the oil and gas sector alone were worth Rs 1.43 lakh crore.
The state attracted investment proposals worth Rs 1.29 lakh crore for Amaravati, the upcoming state capital. The government signed 62 MoUs for various projects in the capital region.
Delegates from 51 countries participated in the two-day event, with six Union Ministers participating in the deliberations on the first day.
Meanwhile, 13 companies signed MOUs with Sri City to invest Rs 600 crore in the integrated business city at the CII Partnership Summit on Saturday.
The agreements are expected to create employment for about 2,000 people.
The 13 companies which inked the agreements with Sri City are from different sectors.
They are: Windar Renewables (Energy); Mahabal Metals and Proto D (Engineering); MCNS (Industrial Chemicals); IRMRA (R&D); Blue Star (Consumer durables); TCI and Snowman Logistics (Logistics Solutions); Manpasand Beverages, Mabalam Iyers, Sri Lakshmi Agro, Shrisym Technologies and Premium Ingredients (all in food processing sector).
While Manpasand Beverages will invests Rs 150 crore, Windar Renewables, a Spanish company proposes to invest Rs 130 crore.
MCNS is from South Korea while Premium Ingredients is also from Spain. The remaining companies are Indian.
"In line with 'Make in AP' policy, Sri City emerges as one of the most preferred investment destinations, boosting local manufacturing which, in turn, will give a fillip to creation of jobs and get the economy of state and region on a fast track," said Ravindranath Sannareddy, Founder Managing Director, Sri City.