Rs. 14k-cr Adani project launch likely during investor summit
The foundation stone for the data park and other associated facilities were laid before the general elections in 2019
image for illustrative purpose
The project has been downsized from Rs70,000 crore to Rs14,000 crore after the YSRCP formed the government and renegotiated the deal with the project proponent. A 200-MW solar power plant, business park, skill university and recreation centre are proposed
Visakhapatnam: During the high-profile Andhra Pradesh Global Investors' Summit (GIS) being organised by the YSRCP Government on March 3 and 4, the work on the data park project envisaged by port and FMCG conglomerate Adani Group at a cost of Rs14,000 crore with a job potential for 24,900 is likely to be launched.
According to indications, Chief Minister YS Jagan Mohan Reddy, who is personally monitoring the preparations for GIS as well the progress of the Adani's big ticket project, will take part in kick-starting the work by laying the foundation stone for the data park and other associated facilities and infrastructure at Kapuluppada along with Adani Group Chairman Gautam Adani.
The prestigious project, for which former Chief Minister N Chandrababu Naidu laid the foundation stone just before the general elections in 2019, has been downsized from Rs70,000 crore to Rs14,000 crore after the YSRCP formed the government and renegotiated the deal with the project proponent. Under the downsized project, a 200 MW solar power plant, business park, skill university and recreation centre are proposed. The project proponent has already paid Rs 130 crore for allotment of 130 acres.
Adani Group, which is on a massive expansion and diversification-spree, has already announced $100 billion investment across new energy and data parks over the next decade.
Several distinguished persons including Apple CEO Tom Cook, Tesla CEO Elon Musk, Microsoft CEO Satya Nadella, and Google CEO Sundar Pichai along with a galaxy of foreign dignitaries, Chief Ministers, Union Ministers and business tycoons both from India and abroad are expected.
"We believe in signing MoUs for realistic investments after proper background check unlike creating hype over investment proposals received during Partnership Summits organised during the erstwhile Telugu Desam Party regime during 2014-19," Minister for Industries and Commerce Gudivada Amarnath told Bizz Buzz.
Officials said that MoUs worth Rs18.87 lakh crore were signed between 2014 and 20119 out of which average investments grounded annually were worth just Rs11, 994 crore. However, they pointed out that during 2019 and 2022, the average annual investment has been Rs 15,693 crore while the total investment of Rs 1,81,821 crore, approved by State Investment Promotion Board (SIPB), are at various stages of progress. The government claims the projects will generate jobs for 1.40 lakh.
The government has set up various committees to oversee the arrangements. Roadshows will be held in major metros as well as in the United States, the Europe, Southeast Asia and other regions to showcase investment potential of the State in food processing industries, defence engineering, hardware and electronics manufacturing, pharmaceutical, IT, port-led development and other areas.
During a review meeting recently, Chief Minister Jagan Mohan Reddy directed the officials to spruce up giving facelift to Visakhapatnam, popular as City of Destiny. The city with a population of over two million is the largest urban conglomeration in Andhra Pradesh. Several major industries, two ports, headquarters of Eastern Naval Command, a host of IT and pharma clusters, and Special Economic Zones are located in and around Visakhapatnam with a greenfield international airport by GMR Group under PPP route proposed at Bhogapuram, 40 km from here.
When the officials explained to the Chief Minister that they are contemplating conducting roadshows abroad related to the summit, he told them to study the functioning of various industrial hubs during their overseas visits and acquaint themselves with the management systems in vogue to run MSMEs so that the same can be replicated in Andhra Pradesh, which has been ranked No. 1 in Ease of Doing Business by the Government of India.
