The state government, on Thursday, has informed that a mega solar manufacturing plant will be set up in Andhra Pradesh. China Electronics Technology Group Corporation (CETC) has signed an MoU with Andhra Pradesh Economic Development Board (APEDB) in regard to the same.
It has been learned that this project, once grounded, would pump in an investment of a whopping 50 million USD into the state. CETC would be setting up the Solar PVC Manufacturing park in Sri City in Chittoor district. The plant is expected to create 300 jobs in the first phase and about 1500 jobs in total. Once the project is completed, the state stands a chance to earn 8 million USD in taxes every year.
The MoU was signed by J. Krishna Kishore, Chief Executive Officer, APEDB and Xin Xiao, Director CETC Renewable Energy Technology Company in New Delhi. Union Minister of Commerce and Industry, Suresh Prabhu, was also present at the signing ceremony.
Chief Executive Officer, APEDB and Xin Xiao, J. Krishna Kishore, was quoted as saying, “CETC finds synergies in investing in Andhra Pradesh as the state is embarking on the next phase of industrialization, Andhra Pradesh is poised to catalyze investments in electronics manufacturing owing to robust infrastructure for connectivity, Aenabling policies, integration with global value chains and a skilled and ready workforce.”
Andhra Pradesh Economic Development Board has also mentioned that “Andhra Pradesh is poised to reach a market share of 50% by 2020 in India’s electronics and hardware sector.”