Andhra Pradesh attracts $20 billion investment proposals in entertainment, infrastructure

HYDERABAD: Andhra Pradesh, headed by its investor-friendly Chief Minister N Chandrababu Naidu, has on Saturday attracted investment proposals and expression of interests of $20 billion (approximately Rs 1.2 lakh crore) in entertainment and infrastructure sectors from UK’s Eros International and Qatar-based Altani group.

In what's is considered one of India’s largest foreign investments in the entertainment sector, the UK based Eros Investments Ltd, a subsidiary of NYSE-listed Eros International Plc, has signed a memorandum of understanding to set up a mega entertainment city involving $5-10 billion (approximately Rs 30,000-60,000 crore) near Vizag.

A top management team of Qatar's Altani group, with interests in roads, power and construction, has evinced interest in investing at least $10 billion, mostly in taking up projects for the state's proposed new capital city between Vijayawada and Guntur.

The Andhra Pradesh government's communications advisor Parakala Prabhakar told ET, "It was a preliminary meeting where the Qatar team has expressed its interest to invest broadly in the areas of roads, construction and power generation. Details of their participation in exact projects and investments will be worked out later through MoUs and definitive agreements."

As a part of the proposed India Entertainment City, Eros International Plc plans to build media city, amusement park, commercial and residential complexes, hotels, leisure options and healthcare facilities. "The minimum investment Eros proposes is $5 billion, which they plan to take upto $10 billion," said AP Tourism Secretary Chandana Khan.

In a statement, Chief Minister Chandrababu Naidu said the proposed investment by Eros would give huge fillip to tourism and create employment, infrastructure and usher in investments into Andhra Pradesh, apart from helping the services sector in the state earn revenues.

The AP chief minister's office said Eros in its proposed integrated media city project plans to have pre-production, production and post-production facilities for film, TV and advertizing industries.