AP signs 734 MoUs for investment, worth rs 4.39 trillion

VISAKHAPATNAM: Andhra Pradesh government has signed 734 MoUs with business houses and individuals worth Rs 4.39 lakh crore for setting up of industries and launch start-ups to boost employment.

At the conclusion of the three-day CII Partnership Summit in Visakhapatnam, Andhra Pradesh chief minister N Chandrababu Naidu said that investment is expected to create 11 lakh jobs. Aerospace and defence sectors propose to bring in investments of Rs9,406 crore and create 6,000 new jobs.

Naidu would personally monitor the progress of the projects and make sure that all clearances will be granted within 21 days.

Prominent companies like Reliance, Adani Group, Lulu Group and Google signed MoUs with government.

The Reliance Industries Ltd would invest Rs50,000 crore in the digital technology and oil and gas sectors in the state. Including the development of a port at Bhavanapadu the Adani Group would invest Rs 9,000 crore.

“The capital work has commenced. It is going to be transformed Naidu said.

Minister said that this project is going to transform Amaravati into one of the best capital cities of the world. His aim is to make Andhra Pradesh number one city by 2029 and by 2050, to make it most preferred destination of the world.