Vijayawada: The Andhra Pradesh government has inked a Memorandum of Understanding (MoU) with the Chinese Huanquiu Contracting and Engineering Corporation (HQCEC), Isomeric Holdings and LEPL Ventures to establish a gas-based fertiliser plant in Krishnapatnam with an investment of Rs 10,183 crore.
Officials of both sides took part in a meeting and exchanged the agreement under the supervision of Chief Minister Chandrababu Naidu at the World Economic Forum meeting in Tianjin, China, on Monday.
The government said nearly 5,000 jobs would come up from this industry and project works would begin during 2017-2018. The government also said the HQCEC has 50 years track record, it being a subsidiary of China National Petroleum Corporation, and has expertise in construction and commissioning of industries.
Besides, Isomeric Hold-ings Company has experience and track record in gas-based industries. The government said LEPL Ventures is also an experienced company in commercial projects and renewable energy. Chandrababu Naidu said AP is the best destination for investment.
Interacting with various industrialists and officials at the World Economic Forum meeting on the second day of his China tour, the CM said AP is geographically suitable for Asian and Japanese companies to set up industries.
In a meeting with Jetro company president Yas-ushi Akahoshi, the CM requested them to set up industries in the state as his government is very supportive to such initiatives. The government would clear all the permissions in 21 days and further progress would be monitored through the CM’s dashboard.
Mr Naidu said the state has a 10.99-growth rate and is aiming at a 15 per cent growth rate. AP has 974km of sea coast with various deep water sea ports, he said.
In another interaction with the United Parcel Services group corpora-te strategy president Jh-on Willem Brean, the CM said the Visakhapatnam-Krishnapatnam stretch is a major cargo hub.
Mr Naidu also explained the implementation of GPS system in RTC buses. On this occasion, Willem Brean said his group expanded its services to most countries.
AP finance minister Yanamala Ramakrishunudu, government adviser Parakala Prabhakar and several officials were also present.
