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ACQUISITIONS & MERGES
AP INKS MOUS FOR RS.4.78 LAKH CRORE
January 13, 2016
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1.Chief Minister N. Chandrababu Naidu on Tuesday announced that they would hold Davos-type interface with stakeholders regularly to extend the benefits of development to the common man after signing pacts worth Rs. 4.78 lakh crore with investors from India and the Middle East, the United States, China and other countries.

2.The pacts were signed during the three-day CII Partnership Summit titled ‘Sunrise Andhra Pradesh Investment Meet’ concluded at APIIC Harbour Park.

3.As many as 328 MoUs signed has a potential to create employment for nearly ten lakh people, Mr. Naidu said Major investment proposals include Essel and ZEE Goup establishing smart industrial parks, including LNG terminal, involving an investment of about $ nine billion indirectly by encouraging various Chinese and Indian companies to set up base in the park.

4.The MoU also covers an investment of $ two billion directly into setting up of a state-of-the-art manufacturing hub for renewal energy equipment manufacturing. Agreements for setting up a Rs.5,000 crore naval facility at Rambilli, near here, by Anil Ambani’s ADA Group and for a Rs.38,000-crore expansion project by RINL were also signed.