Franklin Templeton to move from AP to Tamil Nadu ?

Thanks to ‘reverse’ Jagan’s ‘reverse’ decisions, even the multinational companies that planned to make big investments and set up their operations in Andhra Pradesh, too seem to be adopting ‘reverse path’ to move out of AP.

After YS Jagan became Chief Minister of Andhra Pradesh five months ago, let alone bringing new projects or investments into AP, even the companies that committed huge investments in AP earlier, are now dropping their plans and looking at other states.

Latest among the list of big multinational companies that is seriously looking to move out of AP is Franklin Templeton, one of the prestigious and Fortune 500 companies in the world

Following the request made by previous Chief Minister N Chandrababu Naidu, the Franklin Templeton has come forward to set up operations in AP.

The company sought land in Vizag. Then TDP government has decided to allot the land in Vizag and moved the file. But in the meantime, general elections came and land could not be allotted.

After Jagan came to power in AP, the YSRCP government has kept aside the file pertaining to land allotment to Franklin Templeton. The file is gathering dust in AP Secretariat for the last six months.

The company has promised to invest Rs 450 crore and provide jobs to few thousands.

The company made investments in Hyderabad when Chandrababu was CM.

Late YSR did not obstruct this project after he became CM like Jagan is doing now in AP. YSR encouraged this project further and he himself inaugurated it in Hyderabad because YSR felt that Franklin Templeton will contribute to economic growth of state and also build ‘brand image’ of Hyderabad at global level.

But his son, YS Jagan who is on a mission to ‘reverse’ all the decisions taken by Chandrababu Naidu in AP instead of thinking or working in the larger interests of AP, has held back land allotment to Franklin Templeton, after he became CM.

Upset with this, the company top brass reportedly met Tamil Nadu CM Palaniswami recently and offered to shift the company from AP to Tamil Nadu, if he allots land.

Though the company did not officially announce scrapping of the project in AP yet, it is waiting for the decision of Tamil Nadu government on land allotment before announcing scrapping of the project in AP.