A consortium of three companies has signed an agreement with the Andhra Pradesh government for setting up Rs 10,183 crore gas-based fertilizer plant near Krishnapatnam.
The MoU for the plant was signed in Tianjin on Monday on the second day of China visit by 13-member delegation led by Chief Minister N. Chandrababu Naidu. China Huanqiu Contracting and Engineering Corporation, Isomeric Holdings, and LEPL Ventures signed the MoU with the Andhra Pradesh Economic Development Board and its department of commerce and industries. The plant is expected to provide direct employment to 5,000 people. The work on the project will start in 2017-18, said a statement from the chief minister’s office. Beijing-headquartered Huanqiu has 50 years experience in chemical industry, while Malaysia’s Isomeric has expertise in building gas based-projects and LEPL Ventures of Andhra Pradesh is a diversified firm with stakes in infrastructure, airlines, logistics, hospitality, health and education.