Essel Infraprojects and Golden Concord Holdings Ltd formed a consortium and announced on Tuesday their plans to invest direct and indirect investment of US $ 11 billion.
The MoU for investments was signed between the Consortium of GCL & Essel Group and the Andhra Pradesh Government in the presence of Chief Minister N. Chandrababu Naidu, GCL Group Vice-Chairman Shu Hua, and Essel Group Chairman Subhash Chandra.
The MoU was for establishing Smart Industrial Parks, including an LNG terminal, involving an investment of about $9 billion indirectly by promoting various Chinese and Indian companies.
The MoU also covered another investment of US $ 2 billion directly into setting up of a state-of-the-art manufacturing hub for renewal energy equipment manufacturing.
The projects are expected to generate more than 1,00,000 new skilled jobs.
The project would come at Atchutapuram in Visakhapatnam, Dr. Subhash Chandra said, adding that the Smart Industrial Parks would involve an investment by at least 200 big companies.
The integrated solar energy equipment manufacturing facilities are expected to generate about 15,000 skilled jobs. Through this manufacturing base, the GCL & Essel intend to cater to both the domestic and overseas markets.
Besides this, both the companies will explore the possibility of setting up Smart Industrial Parks to attract investments of $ 9 billion in Andhra Pradesh through setting up multiple manufacturing facilities by Indian as well as Chinese companies.
Business-friendly approach
Speaking on the occasion, Dr. Subhash Chandra said: “Mr. Naidu is known for his business-friendly approach, and within 15 months of creation of the new State under his dynamic leadership, it has been ranked second in ‘ease of doing business’ by the World Bank.”
Mr. Shu Hua said: “We are very excited to be a part of the ‘Make in India’ campaign of Prime Minister Narendra Modi. After interacting with Mr. Naidu, I am convinced that the choice of investment is right.”
They sign MoU to establish Smart Industrial Parks and manufacturing hub for renewal energy equipment
