VIJAYAWADA: The State government has issued orders extending special incentive packages under the ‘Mega Project’ category to ATC Tires AP Private Limited and Intelligent SEZ Development Limited.
ATC Tires AP Private Limited has proposed to set up a plant for manufacturing off highway tires, radial off the highway tires and solid tires with an investment of `1,750 crore at APSEZ, Atchutapuram, Visakhapatnam, in the land allotted by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC).
The company has proposed to invest `1,050 crore in the 1st phase and `700 crore in the second phase, with a potential to create 2,000 direct employment over a period of 4 years. The government issued an order extending the following incentives to ATC Tires.Power cost reimbursement at 1.00 per unit for a period of 5 years after achieving a minimum of 2,000 direct employments; 80.10 acres of land at DNA, APSEZ, Atchutapuram, to ATC Tires at `95.18 lakh per acre.
The Intelligent SEZ Development Limited has proposed to establish sector specific Special Economic Zone (SEZ) for footwear manufacturing at Inagaluru of Chittoor district with an investment of `350 crore over a period of 5 years in the first phase and another `350 crore in the second phase over a period of 5 years with a potential to create direct employment to 10,000.
The company also proposed to establish a component manufacturing facility at Pulivendula in Kadapa district with an investment of `70 crore with a potential to create 2,000 jobs. APIIC will allocate 298 acres of land on lease cum buyout model at a cost of `6.5 lakh per acre at Inagaluru village and power cost reimbursement at `1.00 per unit for 5 years, post achieving 2,000 direct jobs.