News

Realestate News

Brand Vizag gets a big boost with partnership summit

jpgbabu

The success of the Partnership Summit of the Confederation of Indian Industry held here earlier this week in association with the Andhra Pradesh Government has given a tremendous fillip to the industrial growth of Visakhapatnam city and district and it has also vastly improved the image of the city in the country and abroad, setting the stage for the flow of future investments.

Buoyed by the success of the summit, Chief Minister N. Chandrababu Naidu has also announced that the next summit of the CII would also be held in the city to sustain the momentum.

As many as 1,500 delegates, 350 them from abroad, participated in the summit. At the end of the summit, it was announced that MoUs entailing an investment of Rs. 4.78 lakh crore were signed during the three days.

Reliance shipyard

On the opening day on Sunday, Anil Ambani made the announcement that a naval ship-building unit would be set up at Rambilli in Visakhapatnam district with an investment of Rs. 5,000 crore, setting the pace. On the subsequent two days also, MoUs were signed on projects relating to Visakhapatnam.

The Rashtriya Ispat Nigam Ltd – Visakhapatnam steel plant committed an investment of more than Rs.38,000 crore on its future projects – mainly capacity expansion. Many of these projects were announced earlier, but fresh MoUs were signed obviously to boost the figure.

Trina solar project

Trina Solar (India) Pvt Ltd signed a MoU for setting up a Rs. 3,000-crore solar panel manufacturing unit in the multi-product AP Special Economic Zone at Atchyuthapuram in Visakhapatnam district.

Unlike the other companies, Trina Solar laid the foundation stone for the project on Tuesday itself, the last day of the summit, at the site. The company representatives said the unit would start production by the end of the year and it would provide jobs to 3,500 people. The unit was allotted 90 acres in the SEZ.

NIPER to be set up

On the last day, the Union Minister for Petroleum, Chemicals and Petro-chemicals made an announcement that the National Institute for Pharmaceutical Education and Research (NIPER) would be set up here at an investment of Rs. 600 crore and it would stimulate the growth of pharma industry in the region surrounding Vizag.

Some of the Visakhapatnam-based private companies such as Vizag Profiles, Sravan Shipping, the CMR group and others signed pacts with the Government promising hundreds of crores of investment. Many of the projects would be in Visakhapatnam and the surrounding areas.

Apart from these, agreements have been signed for several food processing units, tourism projects, and projects in the retail sector in Visakhapatnam district in particular and the north-coastal districts in general.

If these projects fructify and take shape, there is no doubt that Visakhapatnam will become one of the major industrialised districts in the country.

“The State Government will make all efforts to get the projects grounded and get them completed as early as possible. We will pursue them in right earnest and we will review the progress in the next summit of the CII to be held here,” said the Chief Minister.

Sourch By: www.thehindubusinessline.com