Industries minister Mekapati Gowtham Reddy has urged Australian investors – super funds and banks – focused on infrastructure to explore investment opportunities in low risk Greenfield and Brownfield infrastructure projects in Andhra Pradesh. During a virtual session entitled ‘Western Australia Turning to India: Investing in its Future’ held on Thursday, Gowtham Reddy reminded Western Australian diplomats that Australia’s largest superannuation and pension fund – AustralianSuper – had signed an agreement with the National Investment and Infrastructure Fund (NIIF) in India, to invest USD 1 billion in NIIF’s Master Fund.
He urged representatives of the Western Australian government to invest its Super Funds in Krishnapatnam industrial node that is being developed as part of Union government’s proposal to develop Chennai Bengaluru Industrial Corridor (CBIC) between Chennai and Bengaluru considering an overall length of about 560 km.
“As part of this corridor, it is proposed to develop three industrial nodes – Krishna-patnam in Andhra Pradesh, Ponneri in Tamil Nadu and Tumkur in Karnataka. The Krishnapatnam node under CBIC node is being developed through a node-level SPV formed in partnership with NICDIT and AP Government’s equity contribution in SPV will be maximum 50 percent up to Rs 3,000 crore,” the Minister said.
He explained that a start-up area of 2,139.93 acres that acts as catalyst for further investments is being developed in Krishnapatnam industrial node. “Development of trunk infrastructure for the start-up area is critical to providing an enabling environment to industries and will enhance the marketability of the next phase of node development. Computer, electronics, optical products, automobiles, engineering machinery, electrical machinery, pharmaceuticals, food processing, textile and apparels are the priority sectors in Krishnapatnam node,” Gowtham Reddy said.
He also asked Western Australia to invest in the state in the Mining Equipment Technology Sector (METS). The Minister said that the mining sector is identified as one of the growth engines for Andhra Pradesh. He listed that around 380 mining leases for major minerals, 1,735 quarry leases for cut and dressed blocks of granites and 1,083 quarry leases for industrial minerals and 4,177 quarry leases for other Minor Minerals- Construction Minerals were issued in the state.
“Collaborating in technical innovation, METS will improve value addition in India so as to improve the export competency of granite. Collaboration to manufacture mining equipment in India to supply to domestic mining markets of India can also be explored,” Gowtham Reddy said.
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