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3,000-crore investments cleared for AP

3,000-crore investments cleared for AP
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Highlights

The State Investment Promotion Board (SIPB) met under the chairmanship of Chief Minister N Chandrababu Naidu here on Tuesday. It approved proposals worth Rs 3,000 crore with a potential to create employment to 13,725 persons. These proposals include one paint manufacturing facility in Visakhapatnam by Asian Paints with an investment of Rs 1,818 crore to produce 4 Lakh KL/annum of paints

Hyderabad: The State Investment Promotion Board (SIPB) met under the chairmanship of Chief Minister N Chandrababu Naidu here on Tuesday. It approved proposals worth Rs 3,000 crore with a potential to create employment to 13,725 persons. These proposals include one paint manufacturing facility in Visakhapatnam by Asian Paints with an investment of Rs 1,818 crore to produce 4 Lakh KL/annum of paints. It will create employment to 700 people.

The Gujarat Ambuja Exports (GAEL) project is another project cleared by SIPB. GAEL is a leading manufacture-cum-exporter of agro products, proposes to set up a maize processing unit in Kurnool district with an investment of Rs 240 crore.

The SIPB also cleared Universal Coke & Power Limited promoted by Shri Ram Ventures Limited, a part of US$ 11 Billion Shri Ram Group. The company proposes to set up non-recovery coke oven plant along with 35 MW Cogen power plant using waste heat generated from the non-recovery coke oven plant in Nellore district near Krishnapatnam port with an investment of Rs 725 crore and will create employment to 1,525 persons.

In order to attract labour-intensive industries, SIPB cleared four proposals of Shahi Exports Pvt Limited, a garments export house in India. The company proposes to set up four garmenting units in Kuppam, Palamaner, Hindupur and Chittoor with an investment of about Rs 150 crore and will create huge employment to 11,000 persons. The SIPB also decided to include biogas generation from waste in the zero rated (exemption) schedule of the VAT. (INN)

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