The Hindu Business Line: January 24, 2014
Hyderabad: The AP State Investment Promotion Board, which met under the chairmanship of Chief Minister N. Kiran Kumar Reddy, has approved six major investment proposals with a total investment of Rs 6,500 crore.
The proposals, which together have an employment potential for 18,500 people, include those by multinational companies such as PepsiCo, Cadbury, Colgate, Johnson & Johnson, Gerdau Steels and ITC (Expansion).
Since 2011, industrial investments to the tune of over Rs 2 lakh crore were cleared by the State Investment Promotion Board, throwing open the employment doors for 4.38 lakh people.
State Ministers Anam Ramnarayan Reddy, N. Raghuveera Reddy, Pithani Satyanarayana and G. Prasad Kumar, besides Chief Secretary P.K. Mohanty and Principal Secretary (Industries) Pradeep Chandra, attended.
Many of these projects cleared are of national importance. For instance, PepsiCo’s unit will be the largest beverages plant in the country with an investment of Rs 1,200 crore. Similarly, Cadbury, the world’s second largest and India's largest confectionary company, is setting up their facility in Sri City with an investment of Rs 2,500 crore.
The board also discussed an exclusive policy for development of the life sciences sector in Andhra Pradesh. This policy aims to tap the $13.5-billion market by 2019 with emphasis on biotechnology, medical devices, bio services, pharmaceuticals and naturaceuticals.
This policy will lead to Rs 20,000 crore new investment and 50,000 skilled employment besides augmenting exports to Rs 60,000 crore by 2019, the board said. The policy will be implemented in mission mode over a period of five years.
Out of the projects approved by board since 2011, 42 mega projects have commenced operations with an investment of Rs 27,984 crore and created employment for 72,284 persons. Another 52 projects are under various stages of implementation with an investment of Rs 92,437 crore providing employment for 1,65,594 persons.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.