Andhra receives investment proposals of Rs.18,137 crore

Hyderabad, June 28 (IANS) Andhra Pradesh has received proposals for investment of Rs.18,137.88 crore with an employment potential of over 59,000 people, a statement said Monday.

The State Investment Promotion Board (SIPB), which met here Monday under the chairmanship of Chief Minister K. Rosaiah, approved the proposals.

As many as 27 industries will come up in sectors like agro (seed conditioning), carbon black, cement, food processing, glass, steel and ferro alloy, mineral, pharma, textiles, tyres and warehousing.

The SIPB has decided to give 50 percent VAT/CST reimbursements for a period of five years and all other incentives as per the industrial and investment policy 2005-2010, said a statement from the chief minister’s office.

The chief minister directed the SIPB to create a congenial atmosphere to attract more industries and investments to the state.

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