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Investments Galore for City

Published: 30th April 2015 06:01 AM  |   Last Updated: 30th April 2015 06:01 AM   |  A+A-

Inves tmen ts

VISAKHAPATNAM: The Port City witnessed several investments pouring in to the city, during the launch of Andhra Pradesh government’s industry mission here Wednesday. Major among them is Hindustan Petroleum Corporation Limited (HPCL) signing a memorandum of understanding with the state government for investing Rs 17,000 crore as part of its Visakh Refinery expansion. HPCL director (Refineries) BK Namdeo signed the MoU. Similarly, the Rashtriya Ispat Nigam Limited (RINL) has signed an MoU with Andhra Pradesh Mineral Development Corporation (APMDC) to form a joint venture and mine iron ore in East Godavari district. RINL chairman and managing director P Madhusudan signed the MoU with the APMDC. The RINL is expected to invest about Rs 400-500 crore, once the APMDC obtains necessary permissions from the iron ore excavation.

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