AP gets Rs.1.25 lakh cr investments in first 3 days at Davos meet
ArcelorMittal-Nippon Steel India has confirmed an investment of Rs1,000 crore towards brownfield expansion of its Vizag pellet plant
image for illustrative purpose
Vijayawada: Visakhapatnam continues to attract investment proposals after Hyderabad in the two Telugu-speaking States at the 52nd annual meeting of World Economic Forum (WEF). In the first three days, AP could attract MoUs envisaging a total investment of Rs1.25 lakh crore.
Several investors and thought leaders are visiting Andhra Pradesh and Telangana Pavilions put up by the respective State Governments at Davos, a thinly populated popular holiday rendezvous in Switzerland. While IT Minister KT Rama Rao is leading the Telangana delegation, Chief Minister YS Jagan Mohan Reddy is heading the AP team.
After signing an MoU with Adani Green for an investment of Rs 60,000 crore in green energy, AP has generated the buzz for investments in various fields, officials from AP Government and AP Economic Development Board, who are coordinating the interactions with business leaders at Davos, told Bizz Buzz.
On the third day of WEF, AP bagged Rs 65,000 crore worth investment proposals for generating 14,000 MW green power providing employment to over 18,000 people with the signing of three MoUs in the presence of Chief Minister YS Jagan Mohan Reddy after conducting a luncheon meeting over decarbonised economy. The meeting was attended by NITI Aayog CEO Amitabh Kant.
One of the proposals was to expand the capacity of Vizag Pelletisation Plant with an investment of Rs 1,000 crore. ArcelorMittal-Nippon Steel India has confirmed an investment of Rs1,000 crore towards brownfield expansion of its Vizag pellet plant. The planned expansion will increase production capacity by 35 per cent.
The State Government has signed an MoU with Aurobindo Realty Infrastructure Private Limited for generating 6,000 MW green energy. Special Chief Secretary Karikal Valaven and Aurobindo Director Sharatchandra Reddy were signatories to the MoU.
Another MoU was signed between the State and Greenko for generating 8,000 MW green power. Karikal Valaven and Anil Chalamsetti, ED of Greenko inked the pact. Greenko is setting up a 5,230 MW green power storage facility, considered the world's largest single location project under the Energy Cloud Storage Platform, with an investment of $3 billion.
AP also signed a MoU with Ace Urban Developers for setting up a decarbonised manufacturing unit at Machilipatnam. Karikal Valaven and Anil Chalamsetti were the signatories.
The Chief Minister met Bahrain Finance Minister Salman bin Khalifa Al-Khalifa and discussed exports and investments in the field of education.
Rajan Anandan, Managing Director of Sequoia Capital also met the Chief Minister and held discussions on start-ups ecosystem development and starting operations in Andhra Pradesh. Luc Remont of Schneider Electric Global met the Chief Minister and discussed transforming AP into a manufacturing hub to cater to the national and international needs. The Chief Minister told him about the growing demand for green energy and the potential the State has.
Jubilant Group Chairman Hari Bhartia discussed with the Chief Minister the possibility of investments in food processing units while Aditya Mittal said that ArcelorMittal would invest $600 million in green energy. This was told after his participation in the panel discussion on Decarbonising the economy. The Chief Minister also met IBM CEO Aravind Krishna and discussed technology and skill development to transform Vizag into a technology hub.
