February 2015 \ Business & Investment \ Business and Investment

  • Mr N Chandrababu Naidu

The State Investment Promotion Board (SIPB) of Andhra Pradesh cleared investment proposals of Rs 3, 000 crore in December.

The proposals include one paint manufacturing facility in Visakhapatnam by Asian Paints, India’s largest and Asia’s third largest paint company with an investment of Rs 1,818 crore. It will produce four lakh kilo litre of paints per year and create employment for 700 people. The Gujarat Ambuja Exports Limited (GAEL), a leading manufacture-cum-exporter of agro products, will set-up a maize processing unit in Kurnool district with an investment of Rs 240 crore.

The SIPB meeting chaired by Chief Minister N. Chandrababu Naidu also cleared a proposal of Universal Coke and Power Limited promoted by Shri Ram Ventures Limited, a part of USD 11 billion Shri Ram Group. The company proposes to set up non-recovery coke oven plant along with 35 MW Cogen power plant in Nellore district near Krishnapatnam port with an investment of Rs 725 crore. This will create employment for 1,525 people.

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