13 October 2016
Andhra Pradesh signed a pact with Russia's JSC United Shipping Corporation for setting up a ship-building unit in the state. United Shipping Corporation is expected to invest about 100 crore in the proposed project. The Economic Development Board of Andhra Pradesh (EDB) signed another memorandum of understanding (MoU) with Russia's TechnoNICOL Corporation for establishing a world-class manufacturing complex in Visakhapatnam district to produce membranes, shingles and other waterproofing and roofing products.
The MoUs were signed in the presence of visiting Russian Minister for Trade and Industry Denis Menturov and Andhra Pradesh Chief Minister N Chandrababu Naidu. United, the largest ship-building company in Russia, and the EDB will jointly explore the "prospects of potential collaboration" for organisation of cargo and passenger transportation as well as design and construction of civil watercraft, an official release said. TechnoNICOL, a leader in manufacture of materials for waterproofing, roofing and insulation, will invest USD 62 million for setting up the world-class manufacturing complex in partnership with SUN Group Enterprises, the release added. Naidu said the state government is ready to provide all required infrastructure for industries. "We have water, land and power. Visakhapatnam has facilities for aerospace and defence industries. The Visakhapatnam-Chennai and Bengaluru-Chennai Industrial Corridors are also being developed," he said. "We can provide excellent market for you. This is the right time for Russia to invest here under the Make in India programme. "India is the only country to have registered 7.5 per cent economic growth last year and this will continue. AP has grown by 10.99 per cent last year and now our target is to ensure 15 per cent growth in the next 15-20 years," he added. Finance Minister Yanamala Ramakrishnudu, Russian business delegates and state government officials attended the event.
Story first published in money control