The state authorities has launched new insurance policies and eased authorities clearances to win again main corporates.
The Hinduja Group’s Ashok Leyland had been allotted 75 acres for a plant with a capability of 4,800 buses in 2018 when Naidu was chief minister in his earlier time period. The plant in Vijaywada was 90% full when Jagan Mohan Reddy succeeded Naidu in 2019. It could not be commissioned as a result of it did not get ultimate clearances, forcing the corporate to desert the venture.
Naidu’s son Nara Lokesh, the state minister for data expertise, electronics and communications, actual time governance and human assets growth, has been steering new investments.
After a gathering in Hyderabad with Hinduja Group chairman Ashok Hinduja in December, the Ashok Leyland plant was commissioned final month. The group is contemplating plans to increase its presence within the state.
“We’re exploring additional enterprise alternatives, notably in manufacturing, monetary companies and renewable vitality throughout our totally different verticals,” stated Ashok Leyland managing director and CEO Shenu Agarwal. “We’re delighted to have commissioned the Ashok Leyland bus manufacturing facility in Vijayawada.”Lokesh instructed ET that it hadn’t been simple to persuade companies to return. “It has been very difficult to attract again investments on this time period as in comparison with 2014-19,” he stated. “However it’s heartening to see that individuals imagine in Mr Naidu’s management. He and I’ve personally spoken to traders who’ve had household relations with us. In the event you take a look at the quantum of investments that we now have attracted within the first 11 months of this authorities, we’re second to none by way of attracting home investments.”
Inexperienced vitality main ReNew had confronted challenges because the earlier Andhra Pradesh authorities had unilaterally reset tariffs that had been fastened below energy buy agreements for 777 MW. Though ReNew’s declare was upheld in court docket, the corporate didn’t make any investments within the state.
A gathering on the World Financial Discussion board at Davos this yr between Lokesh and ReNew chairman Sumant Sinha paved the way in which for its re-entry. ReNew is now constructing India’s largest hybrid energy venture in Anantapur with an funding of Rs 22,000 crore in two phases, with a groundbreaking ceremony having been held on Friday.
“The state of Andhra Pradesh presents a beautiful mixture of investor-friendly insurance policies, glorious transmission connectivity and ample availability of photo voltaic and wind assets,” Sinha instructed ET.
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