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Andhra Pradesh govt inks 364 MoUs for Rs 2.18 lakh crore investment; Reliance promises Rs 52,000 crore

Giving a boost to Andhra Pradesh in its efforts to garner big ticket investments that could spur job creation, Reliance Industries Limited on Sunday inked two agreements with the state government promising a total investment of Rs 52,000 crore in oil and gas and electronics sectors.

twitter-logo PTI        Last Updated: February 26, 2018  | 07:45 IST
Andhra Pradesh govt inks 364 MoUs for Rs 2.18 lakh crore investment; Reliance promises Rs 52,000 crore

Giving a boost to Andhra Pradesh in its efforts to garner big ticket investments that could spur job creation, Reliance Industries Limited on Sunday inked two agreements with the state government promising a total investment of Rs 52,000 crore in oil and gas and electronics sectors.

The Memorandum of Understandings were a follow-up action to the meeting Reliance Industries Limited Chairman Mukesh Ambani had with Chief Minister N Chandrababu Naidu in Amaravati on February 13.

Reliance will invest about Rs 37,000 crore in an oil and gas venture in AP and another Rs 15,000 crore in an electronics manufacturing plant near Tirupati. These ventures are expected to create 25,000 jobs over the next few years, the Chief Minister today announced.

The Andhra Pradesh government signed a total of 364 memoranda of understanding with various business establishments, including the likes of Reliance Industries Limited, that could result in an investment of Rs 2,18,814 crore and creation of 3,84,662 jobs.

Reliance, in association with BP International, plans to develop offshore gas infrastructure in the Krishna-Godavari Basin in East Godavari district. No more details of the proposed projects have been officially announced.

Reliance is already into gas exploration from its D6 block in the KG Basin near Kakinada.

Reliance Jio, on the other hand, will establish an electronics manufacturing park near Tirupati in Chittoor district to manufacture mobile phones and set-top boxes. The Indian industry major will set up the facility on a 150-acre site, a senior official said.

As a pre-condition to setting up the electronics manufacturing park, Mukesh Ambani, during his meeting with the Chief Minister, wanted the state government to promote clusters of educational institutions like ITIs and diploma colleges in the vicinity to create employment right after education, another senior official said.

He also asked the government to develop a workmen housing corridor in the vicinity of Tirupati Growth Corridor. The state government is yet to respond to Ambani s requests, the official maintained.

These MoUs were signed in the first two days of the ongoing three-day Partnership Summit at the Harbour Park here, State Industries Minister N Amarnath Reddy said.

The energy sector netted the highest investment proposals worth Rs 1,11,921 crore from 34 MoUs, the minister told reporters this evening.

About 22 MoUs were signed for an investment of Rs 39,281 crore in the industries, information technology and electronics sectors while 10 MoUs were signed for an investment of Rs 9,406 crore in the aerospace and defence sectors, Amarnath Reddy said.

On the second day of the Summit today, a total of 285 MoUs were signed that could fetch an investment of Rs 1,74,568 crore and provide employment opportunity to 2,86,371 persons, he added.

On the first day, 79 MoUs were signed to attract an investment of Rs 44,246 crore, including 15 MoUs in automotive sector for an investment of Rs 15,224 crore, the minister said.

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