SIPB approves Rs 85,000 cr investments

Vijayawada: Chief Minister N Chandrababu Naidu on Tuesday told the officials to work hard to attract investments to the state by resisting the stiff competition from all other states.

Stating that due to the adverse policies adopted by the previous government there were absolutely no investments in the state, the Chief Minister said that even those who have entered into Memoranda of Understanding (MOUs) with the state have left Andhra Pradesh in the past five years due to the terroristic policies of the previous government. Chairing the maiden State Investment Promotion Board (SIPB) meeting at the Secretariat, the Chief Minister said that the policies adopted by the ruling dispensations had high influence on society and thus the ruling parties form their policies after deep study from the industrial sections and the companies.

Chandrababu told the meeting that all those who come forward to invest in the state should be accorded high respect and the official circles should extend all kinds of cooperation to them.

The SIPB meeting mainly focussed on the proposed investments in the past five months, the MoUs entered into and the progress on these issues. It cleared investments worth Rs 85,083 crore which will create 33,966 jobs. The meeting cleared the proposals for launching of 10 heavy industries which include ArcelorMittal and Nippon Steels, which will establish an integrated steel plant (including capital port) at Bagaraiahpeta near JV Nakkapalli. This company initially will invest Rs 61,780 cr to provide employment to 21,000 people.

The LG Electronics India Pvt Limited will invest Rs 5,001 crore providing 1,495 jobs, the Kalyani Strategies System Limited is setting up its plant with Rs 1,430 crore providing 565 jobs, Phillips Carbon Black Limited to provide 200 jobs with an investment of Rs 3,798 crore and Azad India Mobility Limited with an investment of Rs 1,046 crore to give employment to 2,381 persons and investments by several other companies too are cleared by the meeting.

The officials informed the Chief Minister that the previous ruling dispensation paid only Rs 1,961 crore as the incentives due to the companies while the earlier TDP government had paid Rs 3,883 crore to companies as subsidies.

The Chief Minister advised the officials to adopt the land pooling system while acquiring land for ArcelorMittal steel plant and also adopt three varieties of land acquisition systems while allotting lands to the companies. The officials should be very transparent in land pooling like in Amaravati.