​Andhra Pradesh government eyes Rs 8 trillion investment commitment at summit in Vizag

MUMBAI: Andhra Pradesh government is hoping to get investment commitment of Rs 8 trillion through 400 memorandum of understanding during the two-day investment summit to be held in Visakhapatnam on January 27 and 28, a senior state official said.

"We are expecting investment commitment worth Rs 8 trillion through 400 MoUs to be reached during the Andhra Pradesh Investment summit to be held on January 27-28 in Visakhapatnam," Investment Secretary of Andhra Pradesh Ajay Jain told PTI on the sidelines of a CII event here today.

"The investments are likely o be made in several fields, like food processing, energy, infrastructure, education and tourism", he said.

On the status of the MoUs that had been signed during the similar summit in Visakhapatnam a year ago, Jain said, "We had signed over 200 MoUs during a similar summit a year ago valued at Rs 4.67 trillion. While 50 per cent of those MoUs worth more than Rs 2 trillion have already become operational so far, most of the remaining MoUs are likely to become operational by the next fiscal."

Giving details of the new state capital being developed near Vijayawada, he said that 5,000 acres land has already been acquired by the state in Amaravati region of Vijaywada district so far in 16 villages.

Talking about the solar energy generation in the state, he said the government was looking at generating 5,000 MW power through solar energy by 2019.

"As of now, the state is already generating 1,000 MW of solar energy, while another 1,000 MW of solar energy was likely to be added to the existing capacity by March. Thus, we are hopeful of generating 5,000 MW of solar energy within the state by 2019."

He informed that the state is also planning to come up with a state bond so as to allow individual investors to participate in AP's growth. However, he denied to divulge any further details on the plea that the matter was still under discussion.