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13 companies sign MoUs to invest Rs 600 crore in Sri City

Sri CityVisakhapatnam, (IANS) : Thirteen companies have signed memoranda of understanding (MOUs) with Sri City to invest Rs 600 crore in the integrated business city in Andhra Pradesh.

The MoUs were signed with the CII Partnership Summit, which concluded here on Saturday.

The agreements are expected to create employment for about 2,000 people.

The 13 companies which inked the agreements with Sri City are from different sectors.

They are: Windar Renewables (Energy); Mahabal Metals and Proto D (Engineering); MCNS (Industrial Chemicals); IRMRA (R&D); Blue Star (Consumer durables); TCI and Snowman Logistics (Logistics Solutions); Manpasand Beverages, Mabalam Iyers, Sri Lakshmi Agro, Shrisym Technologies and Premium Ingredients (all in food processing sector).

While Manpasand Beverages will invests Rs 150 crore, Windar Renewables, a Spanish company proposes to invest Rs 130 crore.

MCNS is from South Korea while Premium Ingredients is also from Spain. The remaining companies are Indian.

“In line with ‘Make in AP’ policy, Sri City emerges as one of the most preferred investment destinations, boosting local manufacturing which, in turn, will give a fillip to creation of jobs and get the economy of state and region on a fast track,” said Ravindranath Sannareddy, Founder Managing Director, Sri City.

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