MoU signed for Rs 10,183 crore fertilizer plant in Andhra

Hyderabad, June 27 (IANS) A consortium of three companies has signed an agreement with the Andhra Pradesh government for setting up Rs.10,183 crore gas-based fertilizer plant near Krishnapatnam.

The MoU for the plant was signed in Tianjin on Monday on the second day of China visit by 13-member delegation led by Chief Minister N. Chandrababu Naidu.

China Huanqiu Contracting & Engineering Corporation, Isomeric Holdings, and LEPL Ventures signed the MoU with the Andhra Pradesh Economic Development Board and its department of commerce and industries.

The plant is expected to provide direct employment to 5,000 people. The work on the project will start in 2017-18, said a statement from the chief minister's office.

Beijing-headquartered Huanqiu has 50 years experience in chemical industry, while Malaysia's Isomeric has expertise in building gas based-projects and LEPL Ventures of Andhra Pradesh is a diversified firm with stakes in infrastructure, airlines, logistics, hospitality, health and education.

Meanwhile, Naidu met Yasushi Akahoshi of Japan External Trade Organisation (JETRO), which works to promote trade and investments.

The chief minister proposed to JETRO President to establish a dedicated portal and a dashboard to track Japanese investments in Andhra Pradesh on a real time basis.

"Andhra Pradesh achieved a double digit growth of 10.99 per cent and now we are working on a mission mode to achieve 15 per cent growth rate next year," Naidu said.

Stating that the state's industrial policy provides clearances within 21 days, the chief minister said that AP has a congenial climate to offer good business environment and manufacturing ecosystem.

Naidu also met Jan Willem Breen, President Corporate Strategy, United Parcel Services, who noted that India is now an important destination and the company is willing to sign business to business and business to consumer agreements.

Naidu suggested UPS to partner with Andhra Pradesh State Road Transport Corporation (APSRTC) as it connects every village and is tracked by GPS.

"You can make Visakhapatnam and krishnapatnam as your search cargo hubs," he suggested.

UPS operates in 200 countries and is the world's largest package delivery company and a provider of supply chain management solutions.