Andhra signs Rs 31,546 cr MoUs on first day of Partnership Summit


The Andhra Pradesh government signed MoUs worth Rs.31,546 crore investment with various companies on the first day of CII Partnership Summit here on Saturday, officials said.

A total of 77 MoUs were signed which were expected to generate employment for 98,291 people.

The MoUs include Rs 4,000 crore investment planned by Adani Ports and SEZ Limited to develop Greenfield port at Bhavanapadu.

In the automotive sector, 14 MoUs were signed entailing an investment of Rs 14,124 crore. This investment is expected to generate 47,368 jobs.

As many as 56 MoUs, envisaging an investment of Rs.7,807 crore were inked in the tourism sector.

The first day of the three-day event also saw signing of four MoUs in industries sector, proposing investment of Rs 3,015 crore.

In the automotive sector, Mytrah Mobility signed Rs 7,000 crore MoU for electric vehicles. Synergy Castings plans to invest Rs 1,020 crore in a facility to manufacture aluminium alloy wheels.

JBM Group proposes to invest Rs 2,650 crore in electrical mobility, solar power generation and auto components. Sun Mobility intends to invest Rs 1,670 crore in interoperable EV charging/swapping infrastructure in partnership with Ashok Leyland.

The Summit is expected to see signing of at least 281 MoUs, envisaging investments of over Rs 2.56 lakh crore with a potential to create employment for 4.25 lakh people.

This is the third year in a row that Andhra Pradesh is organising the summit in partnership with the Central government and the Confederation of Indian Industry (CII).

Chief Minister N. Chandrababu Naidu said on Saturday that during the last three years, as many as 1,946 MoUs were signed involving a commitment of Rs 13.54 lakh crore investments and 31 lakh jobs.

“Out of theme, 1,153 projects with committed investment of Rs 5.69 lakh crore and committed employment of 11.1 lakh have either gone to production or in advanced stage. This conversion rate of 59 percent is highest in the country,” he said.

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