Andhra clears Rs.6,500-crore investment proposals

Hyderabad, Jan 18: Andhra Pradesh Saturday approved six major investment proposals involving a total investment of Rs.6,500 crore.

The proposals cleared by the State Investment Promotion Board (SIPB) at its meeting, chaired by Chief Minister N. Kiran Kumar Reddy, would employ 18,500 people.

The projects cleared include those of large multinational companies like PepsiCo, Cadbury, Colgate, Johnson & Johnson, Gerdau Steels and ITC, said a statement from the chief minister’s office.

PepsiCo will set up its largest beverages plant in the country at Sri City, a Special Economic Zone in Chittoor-Nellore districts, with an investment of Rs.1,200 crore.

Cadbury, the world’s second largest confectionary company, is also building its unit at the same location with an investment of Rs.2,500 crore.

Johnson & Johnson has chosen to locate their facility in Mahabubnagar in the Telangana region.

SIPB also discussed an exclusive policy for development of life sciences with emphasis on biotechnology, medical devices, bio services, pharmaceuticals and nutraceuticals.

This policy will lead to Rs.20,000 crore of new investment and jobs for 50,000 skilled people besides augmenting exports to Rs.60,000 crore by 2019. The policy will be implemented in mission mode over five years.

Number of initiatives have been proposed in the policy, including promotion of infrastructure under public private partnership mode and giving shape to the medical devices park.

The SIPB, since 2011, had cleared industrial investments to the tune of over Rs.2 lakh crore. The investment proposals, aimed at creating providing employment to over 4.38 lakh people, are in various stages of implementation, said the statement.

IANS