AP inks 10k cr fertilizer plant deal with Chinese firms
In a significant development, the Andhra Pradesh government on Monday entered into a Memorandum of Understanding (MoU) to build a gas-based fertilizer plant at Krishnapatnam with an investment of Rs 10,183 crore.
Vijayawada: In a significant development, the Andhra Pradesh government on Monday entered into a Memorandum of Understanding (MoU) to build a gas-based fertilizer plant at Krishnapatnam with an investment of Rs 10,183 crore.
According to a government communiqué, the MoU has been signed with China’s Huanqin Contracting and Engineering Corp (HQC), LEPL Ventures Private Limited and Isomeric Holdings Sdn Bhd on the second day of Chief Minister N Chandrababu Naidu’s ongoing tour of China at Tianjin city.
The MoU was signed between Andhra Pradesh Economic Development Board and Department of Industries and Commerce, Government of AP and the consortium of companies. Construction of the project would commence from the ensuing financial year and it is expected to generate 5,000, it added.
While the HQC having its headquarters in Bejing is an affiliate of China National Petroleum Corporation (CNPC), the Isomeric Holdings is a Malaysian company with an expertise in gas-based manufacturing project, the release said.
Similarly, the LEPL Ventures Private Limited has experience in infrastructure, airlines, logistics, hospitality, health and education. The Chief Minister also met Joaquin Ancin, head of technological innovations, Acciona, a Spanish company. The meeting culminated into the Spanish company deciding to set up a 200 MW wind power project which would establish a 100 MW generation in the ensuing financial year and another 100 MW generation by the end of 2018-19 financial year. Responding to this, Naidu assured that the state government would give evacuation order by July, 2016.
In a major push to the air connectivity to the state the Ethihad Airways agreed to provide connecting Vijayawada and Tirupati with different countries. This assurance was given to Chief Minister by the Vice-President, International and Public Affairs of the airliner Vijay Poonoosamy during their meeting.
On similar lines, the Danfoss’s Chairman Jorgen Mads Clausen evinced interest in starting mega cold chains and food processing units. As part of this, it was agreed to start a pilot project with the Andhra Pradesh Warehousing Corporation. Naidu during his meeting with Tony Pan, CEO, Co-founder, Modern Electron invited him to study the industrialization in the state.
Later, the Chief Minister met the representatives of the State-owned Assets Supervision and Administration Commission (SASAC) and proposed to evolve a business partnership with the state Economic Development Board.
He also suggested entering into a MoU between SASAC and EDB for a closer partnership with Tianjin and AP business men and entrepreneurs. Naidu has also extended invitation to SASAC to lead a Tianjin delegation to study the investment prospects in the state.