More foreign Investment to AP - Brightonm, Alstom, KoppersHYDERABAD: The agitation for a separate state of Telangana does not seem to have any impact on foreign investors as Andhra Pradesh continues to be the favoured destination for multinational companies, especially from the US and Europe.
According to sources in the industries department, at least five companies have written letters to the state government, expressing their desire to park mega investments to the tune of Rs 15,000-Rs 20,000 crore in the state.
Many global companies have reservations about Gujarat, a state considered to be very investment-friendly because of its 'gory past'. Following the US policy, many global companies are looking eastwards, especially AP.
The officials said the government was drawing up a comprehensive plan to cash in on this mood. The state officials are elated over the prospects of several companies choosing Andhra Pradesh to set up their units which would provide big push to employment generation.
Apart from the signals from IT majors such as Accenture, Microsoft, Google and Facebook that they would expand their operations in Andhra Pradesh, companies such as Brighton, PSA Peugeot Citron, Alstom, Continental Carbon, Koppers are in touch with the government.
Rajesh Nellore, head of country operations, Peugeot Citron, reportedly met chief minister N Kiran Kumar Reddy last week to discuss the investment plans of his company. Europe's second largest car brand is all set to open a manufacturing facility in the state by investing around $ 850 million. The US-based Brighton Energy Corporation Limited wrote to the chief minister expressing a similar desire. Brighton is a world leader in manufacturing large forged steel components for nuclear power plants. The company wants to set up a facility at Vizag, consisting of four large plants - a melting, forging, welding shops and machining and assembly unit - which can employ 2500 skilled technicians directly. In fact, Brighton had already held one round of talks when K Rosaiah was the CM.
Similarly, a France company, Alstom, is also said to be interested in locating their locomotive coaches manufacturing unit in the state.
Source: TOI 14/1/11