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'15 US Firms Ready to Invest Rs 5K Cr in AP'

Published: 13th July 2015 06:01 AM  |   Last Updated: 13th July 2015 06:01 AM   |  A+A-

HYDERABAD: Around 15 US-based companies are ready to invest about Rs 5,000 crore in Andhra Pradesh. The proposed investments would create 10,000 jobs in various sectors in the state, said AP IT minister Palle Raghunatha Reddy.

Raghunatha Reddy, who returned from a week-long US tour, told mediamen here Sunday that during his meeting with Hilliard Energy Company chairman’s son Sterling Hilliard, the latter showed interest in solar and wind power sector and handed over a Letter of Intent (LoI) for an investment of Rs 3,600 crore for generation of 650 MW in Anantapur district.

The minister said that Value Thought IT Services Pvt Ltd (REACH IT) CEO Mahesh Anil Nandyala had assured to start his company’s branch at Anantapur with 60 employees.

Similarly, Cloud Rack and ArchitektDomain.com vice-president Devi Prasad Mulluru had handed over LoI for establishment of an IT company in Tirupati with an investment of US $ 3 to 7 million. Glamantech president Hariprasad Naidu Medarametla also handed over LoI for setting up a unit in Tirupati with an investment of US $ 5 to 10 million.


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