A meeting of the State Investment Promotion Board (SIPB) held under the chairmanship of Chief Minister Y.S. Jagan Mohan Reddy on Wednesday gave its clearance for the establishment of four pumped storage hydroelectricity projects having an aggregate capacity of 3,700 MW by the Adani Group with a total investment of ₹15,376 crore spread over four tranches starting with an outlay of ₹1,349 crore in 2022–23.
Two projects, with 1,000 MW capacity each, will come up in Kadapa and at Karrivalasa village in Parvathipuram Manyam district. A 1,200 MW project will be set up at Kurukutti in Parvathipuram Manyam district and a 500 MW unit at Peddakotla in Sri Sathya Sai district.
The Government of Andhra Pradesh and the Adani Group had signed a MoU for these green energy projects on the sidelines of the World Economic Forum (WEF) meeting held at Davos recently.
The SIPB also gave its nod for two garment manufacturing units of Punctuate World Private Limited to be set up at Pulivendula and Kopparthy, both in Kadapa district, with an investment of ₹50 crore each, and for establishment of a shrimp processing unit of Avisa Foods Private Limited with a ₹150 crore investment in the Food Park at Mallavilli in Krishna district.
Apparel park
Besides, the SIPB gave permission for construction of a Novotel brand hotel by VVPL Private Limited in Tirupati with an investment of ₹127 crore, and resolved to develop a regional apparel park on 1,200 acres at Kopparthy in Kadapa district and provide it the much-needed rail connectivity.
Addressing the meeting, Mr. Jagan Mohan Reddy said there was scope for producing 30,000 MW of green energy and it would need about 90,000 acres, each one of which would fetch a minimum lease rent of ₹30,000 per year. This would be a good income generating opportunity for the farmers, he observed.
Rail connectivity
Further, he aid there was ample scope for attracting sizable investments in the electronics manufacturing and tourism sectors, and exhorted the officials to pay attention to the same.
He then wanted due priority to be given connecting various industrial nodes in the State with railway lines to make them an attractive proposition for prospective investors.
Ministers Gudivada Amarnath, Dharmana Prasada Rao, R.K. Roja and A. Suresh, and senior officials of the Industries and other line departments were present.
Published - June 22, 2022 09:10 pm IST
