AP signs preliminary MoU with Veera for setting up bus unit

State minister Mekapati Goutham Reddy, who also holds the Information Technology portfolio, asserted that the investment climate in the state was very good and no industrialist was shying away.       

By Author  |  Published: 21st Nov 2019  6:37 pm
(Source: Twitter)

Amaravati: The Andhra Pradesh government has signed a preliminary memorandum of understanding with Veera Vahan Udyog Private Limited for setting up an electric bus manufacturing unit at Anantapuramu district, state minister Mekapati Goutham Reddy said on Thursday.

Veera would invest Rs 1,000 crore in the first phase on the plant, spread over 120 acres, that would have a production capacity of 3,000 buses per annum, the Industry minister told a press conference at the Secretariat.

We have entered into a preliminary MoU with the company and the land allocation will soon be done in Anantapuramu district, he added.

Reddy, who also holds the Information Technology portfolio, asserted that the investment climate in the state was very good and no industrialist was shying away.

He debunked reports that Reliance and Adani groups have dropped their investment plans in the state after the change of government.

Both the projects are very much on. There was some issue with land allotted to Reliance that caused a delay.

We are now allocating alternative land for the Reliance electronics park, he added.

Reddy admitted that there were earlier certain problems with regard to infrastructure development over the lands allotted to industrial units.

We have now decided that the AP Industrial Infrastructure Corporation will first complete necessary infrastructure development (roads, water supply, etc) before land is allotted to industrial units, he added.