BREAKING NEWS

AP gets India’s largest FDI at $3.5 billion

Indonesian pulp and paper giant Asian Pulp & Paper Group (APP) is setting up a paper mill with an investment of Rs. 24,500 crore, making it the largest Foreign Direct Investment in India. 
 
The company will set up the industry at Ramayanapatnam in Prakasam district in 2,500 acres to create 15,000 direct and indirect jobs. This industry will hugely benefit Andhra Pradesh’s pulpwood farmers. The mill will produce packaging paper, writing and printing paper as well as specialty paper, according to a Times of India report. 
 
Andhra Pradesh Economic Development Board Chairman J. Krishna Kishore said that this will create 4,000 direct job and nearly 11,000 indirect jobs. He added that the State Government is working with Government of India to get all the clearances for the mega manufacturing facility. 
 
Indian Paper Manufacturers Association has opined that a 5 MTPA facility in Andhra Pradesh is not only huge for India but also a massive investment according to global standards. 
 
Currently, the land acquisition process for the project is underway while 50% of it has already been completed. The land, according to government officials, has been identified. A MoU between the State Government and APP is likely to happen next week while the ground breaking ceremony may take place next month, according to Krishna Kishore. APP has been content with the state government because of getting land along the coast which benefit the company easily as it can import raw material and export paper to big markets in East Asia.
 
This news of paper manufacturing facility comes just two days after the state government signed MoUs for petrochemical complex, refinery in Kakinada Special Economic Zone and a greenfield port in the coastal district of East Godavari. These big ticket investments will give a fillip to the state’s economy and boost its image as an attractive investment destination in India. 

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