Russia To Set Up a Manufacturing Unit in Visakhapatnam

The Economic Development Board of Andhra Pradesh signed a pact with Russia ’s JSC United Shipping Corporation for setting up a ship building unit in Andhra Pradesh with an investment of Rs 100 crore by the Russians.

The EDB signed another pact with Russia’s TechnoNICOL Corporation for the establishment of a world-class manufacturing complex of membranes, shingles and other waterproofing and roofing products in Visakhapatnam district with an investment of $ 62 million in partnership with SUN Group Enterprises.

The MoUs were signed in the presence of the Chief Minister of AP N Chandrababu Naidu and the visiting Russian Minister of Trade and Industry Denis Menturov.

The largest ship-building company in Russia and EDB will explore the “prospects of potential collaboration” for organising cargo and passenger transportation and design and construction of civil watercrafts.

The CM affirmed that the state government is ready to provide all the required infrastructure for the above 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.

The same access to Russian market and government incentives has been promised to Indian investors by Denis Manturov. He emphasised on the strong preference for local production projects Russia has.