The Hindu : Partnership windfall for State

Online edition of India's National Newspaper
Wednesday, Jan 08, 2003

Southern States

Southern States - Andhra Pradesh-Hyderabad

Partnership windfall for State

By Our Special Correspondent

HYDERABAD Jan. 7. Signing of 41 MoU for setting up as many projects, entailing an investment of Rs. 17,204 crores in several sectors ranging from biotechnology and agriculture to information technology and Animal Husbandry, was the highlight of the third day of the Partnership Summit here on Tuesday.

The biggest of the projects lined up is a Rs. 12,000-crore petroleum products project being undertaken by Transworld Refineries at Vizag (promoted by Transworld Corporation USA,Inc). Kapcol Aluminium Smelter, also in Vizag, is setting up a Rs. 2,400-crore aluminium smelting project.

A Rs. 600-crore project by Chemplast (Sanmar Group), a Rs. 300-crore Biotechnology project (for prawn bio-fertilizers and ethanol) by Bio Genius India, and a Rs. 260-crore speciality paper project by the ITC Paper Projects are the other big-sized projects for which MoU were signed.

In a brief address to the parties signing the agreements at a `special session on signing of MoU', the Chief Minister, N. Chandrababu Naidu, told the signatories that the importance of the occasion was not just signing of MoUs but ``we must work together to make them a reality.''

He promised to put officials on to the projects from tomorrow itself to assist the promoters and said he would personally monitor their progress and clear their problems, if any. ``Your success is our success, and we must work as partners,'' he said assuring them of full cooperation from the Government.

The Tourism Department accounted for 14 projects involving a total investment of Rs. 533 crores, while Information Technology accounted for two projects with total investment of Rs. 60 crores. Under the agriculture category four MoUs were signed, the biggest of them being a Rs. 498-crore project by Tidel Silk Technologies for silk processing (sericulture). Agriculture accounts for a total of Rs. 509 crores investment.

Animal Husbandry accounted for a lone Rs. 68-crore project (Tuna Fish Processing). The Mines Department had only one project by BHP Minerals (Rs. 32 crores). Biotechnology accounted for a total of 12 projects involving total investments of Rs. 642 crores.

Andhra Bank also announced commitment of Rs. 10 crores to the Biotechnology Venture Fund to be managed by the Andhra Pradesh Industrial Development Corporation (APIDC)-Venture Capital Fund (VCL). This will be the first biotechnology-focused venture capital fund to be launched in India, said a press release issued on the occasion. With the State Government's commitment of Rs. 15 crores, the fund has accomplished its `first closing' of Rs. 25 crores and is targeting a `final closing' of Rs. 100 crores, it said.

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