AP govt inks pacts with SPIC & China's Sany Group

Andhra Pradesh today signed two MOUs with State Power Investment Corporation (SPIC) and Sany Group of China to set up power projects of 5,000 MW involving investemnt of USD 4.8 billion.
Sany is one of the largest global manufacturing companies of construction equipment while SPIC provides general contracting services for nuclear power technology plants in China and internationally.
The MoUs were signed at the CII Partnership Summit 2016, being held in the city.
The first MOU is for the cooperation in electrical power in Andhra Pradesh, and the second one is for setting up a 5,000-MW capacity of coal-fired as well as wind and solar power projects in the state.

"As part of the second MoU, SPIC and Sany will make an investment of USD 4.8 billion (Rs 32,000 crore) and create direct/indirect employment for 6,500 people for the period 2016-2020," an official release said.
In October 2015, Sany signed an MoU with Andhra Pradesh Government to invest USD 600 million (Rs 4,000 crore) to establish wind power projects. Additionally, Sany and SPIC visited Andhra Pradesh to discuss renewable energy and comprehensive development with the State.

Currently, Sany employs about 30,000 people globally and 269 people across India. Sany Group entered India market in 2002 and established a manufacturing plant in 2009 in Chakan, Pune.

In India, the company operates in excavator, cranes, concrete machinery, port machinery, road and renewable energy businesses.
Tang Xiuguo, President of Sany Group, said, "These MOUs mark the next phase of our expansion plans in Andhra Pradesh and in India. The State has a huge untapped wind and solar power potential and we hope to tap that with this collaboration. These investments are a strategic decision towards our Make in India strategy."
Chief Minister N Chandrababu Naidu said, "Andhra Pradesh is committed to rapid economic growth and we are happy to join hands with Sany and SPIC to develop electricity infrastructure and implement Power for All (PFA) flagship programme of the union government. We welcome Sany to bring in their world-class expertise and look forward to this long-term collaboration with them and SPIC.