The Trans Corp. USA Inc. is to set up a greenfield petroleum refinery at Visakhapatnam with an investment of Rs 12,000 crore. An Indian company, Transworld Refineries Limited, has been registered to ground the project.
A memorandum of understanding (MoU) was signed here tonight between Trans Corp and the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for the purpose at the on-going 9th Partnership Summit of the CII. The MoU was signed on behalf of the promoters by Jagdesh Raja.
A feature of the penultimate day's proceedings at the Partnership Summit- 2003 was the signing of a record 41 MOUs/Letters of Intention, proposing a total investment of Rs 17,204 crore, on a wide range of industrial projects including manufacturing, engineering, biotechnology, agriculture, mining etc.
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While the petroleum refinery of the US major is the largest project for which a MoU was signed today, the second major project is an aluminium smelter near Visakhapatnam proposed to be set up by Kapcol Aluminium Smelter Limited. It involves investment of Rs 2400 crore.
Pradeep Dhoble, the managing director of ITC Bhadrachalam Paperboards Limited, now a division of ITC Limited, signed an MoU for setting up facilities in the Khammam plant for manufacture of speciality papers. The project involves fresh induction of capital to the extent of Rs 260 crore.
Chemplast, part of the SANMAR group, signed an MoU to set up a Rs 600 crore PVC plant in Nellore. Several letters of intent were signed for setting up units in the biotechnology sector.
These include a Rs 300 crore ethanol plant by Bio Genus India at Kakinada.
Under tourism, 14 MoUs, most of them for setting up theme parks, were signed, the largest of them by Agro Gold Entertainments Resorts Limited to set up theme parks at Visakhapatnam and Vijayawada at a total cost of Rs 150 crore. The MoU was signed by the company's chairman, V R Rao Avvas.
Reliance Industries and Indian Oil Corporation also signed MoUs for setting up highway amenities on the National Highways linking Hyderabad with Bangalore ( NH 7) and Hyderabad-Vijayawada ( NH-9). Each corporate will be expending Rs 24 crore on their projects.
The chief minister, N Chandrababu Naidu, who was present at the signing ceremony, thanked the corporates for deciding to invest in Andhra Pradesh.
He said the government would extend all possible co-operation and assistance for the early grounding of the projects. He would monitor the progress of work on the projects once every month.