Investments pour into AP, ADAG to set up world class naval facility

Vishakhapatnam: Anil Ambani promoted Reliance ADA Group on Sunday announced an initial investment of Rs 5000 crore to set up a world class naval facility at Rambilli, about 70km South of Visakapatanam. A memorandum of understanding has already been signed between the Andhra Pradesh government and Reliance ADAG.

Besides, the Pune based Bharat Forge Ltd too announced an investment of Rs 1200 crore in the state to set up an integrated automotive component factory in Nellore.

These decisions would not only help in pushing the growth rate of the state and create millions of jobs but also give a boost to the country’s economy.

“It is a small measure of what can be achieved when entrepreneurial energy and intent is backed by political will and administrative commitment,” Anil Ambani, chairman, Reliance ADAG said at a global investors’ meet organized by the commerce ministry and CII in Visakhapatnam.

Pointing out that the greenfield project will also help translate Prime Minister Narendra Modi’s Make in India scheme into Make in Andhra Pradesh, Ambani added that the investment will not only generate thousands of skilled jobs but also lead to creation of a multi-tier array of defence ancillaries, bringing in further investments of anywhere between Rs 5,000 to 10,000 crore.

The Vizag naval facility will complement the existing facility at Pipavav in Gujarat with a clear focus on building strategic assets for the Indian Navy.

Ambani added that his company has already invested Rs 15,000 crore in the state till date across sectors ranging from telecom to power.

The chairman of Bharat Forge, Baba Kalyani said soon the land for the project would be acquired and about 3,000 people would get direct employment.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.