AP signs MOUs for another 1.7 lkh crores on day 2 taking the tally to Rs 3.6 lakh crs

Fresh MoUs with investment intents of over Rs 1.7 lakh crore have been signed on Monday taking the total investment commitments to over Rs 3.6 lakh crore in the ongoing Partnership Summit being organised by Andhra Pradesh government in association with the Confederation of Indian Industry (CII).

AP government’s media advisor Parakala Prabhakar said the investment proposals were likely to cross Rs 4 lakh crore by the closing day of the event on Tuesday. On Sunday MoUs with Rs 1.95 lakh crore investment commitments, mostly from the energy sector, were signed with the state government.

A large number of investors, including Walmart, Rashtriya Ispat Nigam Limited, Petrogas, Future group, Spencer’s, Arvind Lifestyle, Trimex group, Colgate-Palmolive, Thermax and Isuzu, Foxconn have signed the MoUs on the second day of the partnership summit.

  • Australia-based Queensland Coal Corporation signed an MoU to set up a 5,280 Mw thermal power project at an investment of over Rs 30,000 crore.
  • Vizag Steel has announced investments of around Rs 38,000 crore to expand its steel making capacities, apart from construction of coke oven battery, pellet project and slurry pipeline.
  • Petrogas, a joint venture company between the Malaysia-based Isomeric Holdings Berhad and Lingamaneni Enterprises group, have proposed to set up an LNG regassifiation and floating storage terminal at Krishnapatnam port on the east coast involving an investment of Rs 3,000 crore. The five-million ton a year facility will add another five million capacity in the next phase involving similar investments. In a statement, Petrogas said it is in talks with Petronas for roping in the latter as a strategic partner for supply of LNG.
  • Walmart, Future group, Spencer’s and Arvind Lifestyle have together have proposed to set up their large format retail stores across AP involving an aggregate investment of Rs 1,500 crore, offering jobs to at least 25,000 persons.
  • Trimex has announced developing beach sand mining projects at Bhavanapadu and Kalingapatnam on the east coast, involving an investment of around Rs 2,500 crore.
  • Andhra Pradesh is also signing memoranda of understandings with 55 small and medium IT firms, involving aggregate investments of Rs 3,100 crore.

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