Two Mega Projects Approved By APSIPB
Amaravati: The State Investment Promotion Board, which met today under the chairmanship of Chief Minister N Chandrababu Naidu, has granted approval for setting up two mega projects in the State.
Tremag Alloys Private Limited and Tata Chemicals Limited have been granted approval for setting up units to manufacture Magnesium Ingots and prebiotics.
Tremag Alloys Private Limited has come forward to set up a Magnesium Ingots Manufacturing Plant in the Kadapa Mega Industrial Park in an extent of 100 acres. While the total investment proposed by the company is Rs.660 crore, it will provide a direct employment to over 1200 persons, and an indirect employment to about 6000 persons.
The first phase of the project will commence in November 2018, and the second phase from May 2019. The expected turnover is around Rs. 800 crore. This is a first such project in India to use Pidgeon process to produce magnesium ingots; used primarily for steel, auto, aviation industries.
Tata Chemicals Limited is keen on setting up a Prebiotics Manufacturing Plant to manufacture FOS (Fructo-oligosaccharides) and GOS (Galacto-oligosccharides) powders.
The plant will come up in APIIC Industrial Park, Mambattu Village, Tada Mandal, Nellore district, in an area of 39.81 acres, with a total investment of 400 crore. The expected turnover is Rs. 183 crore by 2021, and will provide direct employment to about 150 people and indirect employment to around 80 members.
The plant will be completed in two phases, and the production will start in December 2018.