AP inducts Lokesh in recast investment board

The investment board assumes a significant role in clearing proposals for mega projects with an investment of over Rs 500 crore each.

By Author   |   Published: 20th Apr 2017   10:03 pm
Nara Lokesh
File Photo: Minister for IT and Panchayat Raj Nara Lokesh.

Amaravati: The Andhra Pradesh government on Thursday reconstituted the State Investment Promotion Board (SIPB), bringing in five newly-inducted Ministers, including Chief Minister N Chandrababu Naidu’s son Nara Lokesh as members.

With the government on a massive MoU signing spree to attract large-scale industrial investments into the State, the SIPB assumes a significant role in clearing proposals for mega projects with an investment of over Rs 500 crore each, sources said.

While the Chief Minister would be the Chairman of the SIPB, Deputy Chief Minister (Revenue), Ministers for Finance, Information Technology, Municipal Administration, Agriculture, Energy, Industries and Labour would be the members.

The SIPB was constituted in November 2014. As the Chief Minister himself held the Energy and Industries portfolios then, the board had only seven Ministers as members. Now with new Ministers having been handed over the energy and industries departments, they too have been included in the SIPB, taking the total number of Ministers to nine.

The Chief Secretary would be member-convener of the SIPB, an order issued by Industries Secretary Solomon Arokia Raj stated.

“The SIPB will meet once a month to clear all important projects and the critical issues coming in the way of investment promotion,” Solomon said.