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Reliance Industries led commits 55,000 cr to AP
Giving a big boost to the investment climate in Andhra Pradesh, diversified conglomerate Reliance Industries led by India’s richest man Mukesh Ambani, on Sunday made a commitment to invest a whopping Rs 55,000 crore in Andhra Pradesh over next three years.
Visakhapatnam: Giving a big boost to the investment climate in Andhra Pradesh, diversified conglomerate Reliance Industries led by India’s richest man Mukesh Ambani, on Sunday made a commitment to invest a whopping Rs 55,000 crore in Andhra Pradesh over next three years.
These investments, which are expected to generate 25,000 new jobs, span electronics, petroleum, retail, agri-processing, e-governance and other sectors. To this effect, RIL signed several memoranda of understanding (MoUs) with the AP government on the second day of three-day Partnership Summit being organised by the Confederation of Indian Industry (CII) here.
AP Chief Minister N Chandrababu Naidu announced the details of RIL’s investments. Representatives of RIL and officials of AP’s IT and Electronics Department exchanged MoUs in the presence of CM and IT Minister Nara Lokesh.
According to the proposals, RIL will set up an electronics manufacturing unit on 150 acres at Tirupati, where it will manufacture JioPhones as announced earlier. It will also manufacture set-top boxes and other electronics devices on a large scale. The group will funnel a total of Rs 15,000 crore into electronics segment.
The diversified group will invest Rs 40,000 in hydrocarbon and other sectors including the development infrastructure in AP capital, Amaravati.
“Every project that we signed MoU with the government is going to be implemented in a time-bound manner, starting from next three months to three years,” PMS Prasad, Executive Director, Reliance Industries, said after signing the MoUs.
He further said the projects related to e-governance and entrepreneurship programmes would also be executed within the time span agreed with the government. “We are very serious that these should be implemented within the agreed time. We already told the CM and IT Minister how we would monitor the implementation,” he explained. He further said that there would be measurable and noticeable progress in the implementation of these projects ‘pretty soon’.
Naidu also said that Reliance would procure agriculture produce from AP for its malls across the country. “Reliance will soon come up with another project in agriculture sector wherein they will procure from the state for its malls and stores,” he said. According to Naidu, RIL is also showing interest in e-governance and e-pragati in a big way.
By P Madhusudhan Reddy