CM Chandrababu Naidu said he would personally monitor the progress of projects and assured the investors that all clearances will be granted within 21 days.

AP signs MoUs worth over Rs 4 lakh crore at CII Partnership SummitImage source: Twitter
news Investment Monday, February 26, 2018 - 17:03

The Andhra Pradesh government signed Memoranda of Understanding (MoUs) worth Rs 4.39 lakh crore at the CII Partnership Summit which concluded here on Monday.

Chief Minister N. Chandrababu Naidu announced that the government signed 734 MoUs with various companies. The investment is expected to create 11 lakh jobs.

Addressing the valedictory function of the three-day event, he said the state received investment commitments from several major companies including Reliance, Adani Group, Lulu Group and Google.

Reliance Industries Limited (RIL) and its partners had on Saturday announced Rs 55,000 crore investment in energy, electronics and other sectors in the state.

Naidu said RIL signed MoUs for three projects. These include a unit at Tirupati to manufacture one million mobile phones. He said the company will also create best ecosystem for innovation incubation, and startups with venture capital.

United Arab Emirates-based Lulu Group signed a MoU to build a convention centre, hotel and shopping mall in Visakhapatnam.

The Adani Group has announced an investment of Rs 9,000 crore including the development of a port at Bhavanapadu.

In terms of sectors, on February 25, 10 MoUs were signed in the Aerospace and defence sector, attracting an investment of Rs 9,406 crore, expected to employ 6000 people. The food processing sector saw 169 MoUs being signed worth Rs 3,534 crore, expecting to employ 48,498 people.

In the textiles industry, 26 MoUs were signed worth Rs 5,337 crore, with an expected employment of 33,092 people. The energy sector saw 20 MoUs worth Rs 80,435 crore, employing 25,011 people.

Twenty five MoUs were signed in the health space attracting an investment of Rs 5.090 crore and is expected to employ 4,750 people.  There were 19 MoUs signed in the industries sector worth Rs 9,061 crore.

Two MoUs signed in the IT & Electronics space worth Rs 18,220 crore is expected to employ a whopping 38,000 people. In the infrastructure space, 15 MoUs were signed with a total investment of Rs 43,486 crore, which is expected to bring in employment for a massive 112,020 people.

Naidu said he would personally monitor the progress of the projects and assured the investors that all clearances will be granted within 21 days.

"If you have any problem you can bring it to my notice. I am only a call away," he said.

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