Andhra signs over Rs 4 lakh cr MoUs at Partnership Summit

Visakhapatnam, Feb 26 (IANS) The Andhra Pradesh government signed Memoranda of Understanding (MoUs) worth Rs 4.39 lakh crore at the CII Partnership Summit which concluded here on Monday.

Chief Minister N. Chandrababu Naidu announced that the government signed 734 MoUs with various companies. The investment is expected to create 11 lakh jobs.

Addressing the valedictory function of the three-day event, he said the state received investment commitments from several major companies including Reliance, Adani Group, Lulu Group and Google.

Reliance Industries Limited (RIL) and its partners had on Saturday announced Rs 55,000 crore investment in energy, electronics and other sectors in the state.

Naidu said RIL signed MoUs for three projects. These include a unit at Tirupati to manufacture one million mobile phones. He said the company will also create best ecosystem for innovation incubation, and startups with venture capital.

United Arab Emirates-based Lulu Group signed a MoU to build a convention centre, hotel and shopping mall in Visakhapatnam.

The Adani Group has announced an investment of Rs 9,000 crore including the development of a port at Bhavanapadu.

Naidu said he would personally monitor the progress of the projects and assured the investors that all clearances will be granted within 21 days.

"If you have any problem you can bring it to my notice. I am only a call away," he said.