Ahead of the Telugu Desam Party (TDP) taking over in Andhra Pradesh, pharma, IT, manufacturing and engineering sector investors are flocking to the state. A group of industrialists met chief minister-designate N Chandrababu Naidu and promised to invest R5,600 crore in the state across 12 sectors in next few years.
The industrialists met him under the banner of the Industrial Development Forum (IDF), which has over 45 members, and held discussions. Besides IT, the other sectors to show interest were electronics, solid waste management, pharma, healthcare, mining, infrastructure, hospitality and education.
JA Chowdhary, the IDF convenor, said an investment summit would be soon be organised in Vijayawada or Visakhapatnam soon where some MoUs will be signed. ?We hope to see a good momentum in investments. About 100 companies, including 27 medium-sized and 73 firms of Pharma City, have confirmed setting up new units ,? he said.
Many companies are keen on taking advantage of the tax holiday and concessions that would be offered in view of the special category status to the state, he said. Besides, many companies have expressed interest to relocate from Himachal Pradesh to Andhra Pradesh.
Incidentally, IT companies and pharma units were looking at Visakhapatnam and Nellore for relocation and expansion, if water, power and other infrastructure is provided and some tax concessions are offered, he added.
He said the IDF would also take delegations to different countries, including China, Japan and the United States, to attract investments in Andhra Pradesh. A detailed report would be submitted to the government soon after a study is conducted, he added. The new government plans to promote a single-window system for industrial investment and special concessions for early bird investors as well.