VIJAYAWADA: The 3700 MW pumped storage project of Adani Green Energy was given a nod at the State Investment Promotion Board (SIPB) meeting held under the chairmanship of Chief Minister YS Jagan Mohan Reddy on Wednesday.
The Rs 15,376 crore project is expected to generate 4,000 jobs. The first phase will be taken up in 2022-23 at a cost of Rs 1,349 crore, second phase in 2023-24 with Rs 6,984 crore, third phase with Rs 5,188 crore and the final phase will be completed in 2025-26 with Rs 1,855 crore.
The MoU for the project was exchanged between the government and the firm on the sidelines of the World Economic Forum in Davos.Besides, approvals were also given for various green energy projects, including a 1000 MW plant in Kadapa, 1200 MW plant in Parvathipuram and 500 MW project in Sathya Sai districts.
A nod was also given for the setting up of a garment manufacturing industry by Punctuate World Pvt Ltd at a cost of Rs 50 crore in Pulivendula and Kopparthi. The unit is expected to create 4,200 jobs.An approval was given for establishing a shrimp processing industry at Mellavelli Food Park in Krishna district at a cost of Rs 150 crore by Avisa Foods Pvt Ltd.
The Board also gave clearance for the setting up of a hotel (VVPL) at Tirupati under the brand Novotel with an investment of Rs 126.48 crore. A total of 300 direct jobs and 2,700 indirect jobs are expected to be created.
Further, the government has decided to transform Kopparthi electronic park into a textile region apparel park to develop a mega integrated textile region and apparel park in 1,200 acres for producing quality products at an cost.
Stating that there was immense potential for green energy generation of over 30,000 MW in the State, which requires about 90,000 acres, Jagan said the projects would be great benefit to farmers as they can earn a minimum lease of Rs 30,000 per acre as a fixed income.
The CM directed the officials to check the MoUs that were signed, but their operations were yet to begin. Stressing on the need to focus on bringing investments from global companies, Jagan said the State had good opportunities to attract investments in electronics, tourism and hospitality sectors.