State has a Clear Investment Promotion Policy: CM

Hyderabad|India|March'2011: The Chief Minister N. Kiran Kumar Reddy categorically stated that the State Government has a Clear Investment Promotion Policy for Industries i.e. Pro-People, Pro-State and Pro-Industry.

The Chief Minister formally launched the Ist phase of Carbon Black Project established at Pudi Village, Visakhapatnam district at a cost of Rs.1500 crores by the Continental Carbon Company at Hotel Taj Krishna here today. Speaking on the occasion, Mr Kiran Kumar Reddy said that the investments by the Industries should benefit the local people by creating employment opportunities and should also benefit the State Government by revenue generation through taxes and at the same time Industry should make profits.

He has also clarified that the Government would like to have industries and investments in a big way. The Chief Minister said that there should not be pollution and it is the social responsibility to provide employment to local people and at the same time protect the environment.

A.P. is one of the best destinations for Investment:
The Chief Minister Stated that Andhra Pradesh is one of the best destinations for Investments. The State is providing several incentives like cheapest power in the country, 75 paise reimbursement per unit to Industry for five years, VAT reimbursements and other concessions besides best infrastructure facilities like land, water and communications, he added.

He said that due to the pro-active policies of the successive Governments in the State, the growth of industries made rapid strides and 90 Industrial Units are in the pipeline with an estimated cost of over Rs.3 lakh crores with a job potential of 3.5 lakhs to the local people. The Chief Minister also reiterated that in one meeting of State Investments Promotion Board, the State Government cleared proposals of Rs.26,000crores investment of 25 industrial units.

The Chief Minister informed that Rs.2,800 crore Nuclear Power Plant Equipment manufacturing Unit is coming up at Nakkapally Village of Visakhapatnam District and Mahendra Tractors unit and Royal Enfield Motor bike units are being established in Medak district. The Chief Minister expressed happiness over the establishment of the Continental Carbons with an estimated cost of Rs.1500 crores in three phases which will provide jobs to 3000 people.

Union Minister of state for Human Resources Development, D. Purandeswari, said that Andhra Pradesh is the second best Investment Friendly State in the Country. She also stated that automobile and Tyres industry is growing well in the country for which the Continental carbon provides the raw product.

Mr. Leslie C.Y. Koo of Taiwan Cement Group, Ministers Vatti Vasantha Kumar, Pasupuleti Bala Raju, MLA Mr Kannababu and several Officials and Non-officials participated in the function. Earlier, Mr. C.V. Rajulu, Head, Projects and Operations of Continental Carbons welcomed.