PaperAge Magazine

At $3.5 Billion, Andhra Pradesh Gets India's Single Biggest FDI

paper on reels

By Swati Bharadwaj Chand, Editor, The Economic Times

Jan. 9, 2019 (The Economic Times) - At $3.5 billion (approx. Rs 24,500 crore), it's one of the single largest FDIs (Foreign Direct Investment) in a greenfield project in India in recent times and it's coming to Andhra Pradesh.

Indonesian pulp and paper giant Asia Pulp & Paper Group (APP) is setting up not only India's but perhaps the largest paper mill in a single site in the world with a capacity of a staggering 5 million tonnes per annum in Ramayapatnam in Coastal Andhra's Prakasam district.

The company has already identified a 2,500 acres site along the coast in Prakasam for the project, that is slated to create around 15,000 direct and indirect jobs. The unit will be producing packaging paper, specialty paper as well as writing and printing paper, according to sources.

Confirming the development, Andhra Pradesh Economic Development Board CEO J Krishna Kishore told TOI: “I understand that the $3.5 billion investment is India's biggest FDI in a single site, greenfield project till date. It will create 4,000 direct jobs and about 10,000 indirect jobs apart from benefiting over 50,000 pulpwood farmers.”

'Largest paper unit in India'

“We will be working with Invest India to ensure that the mega project gets all the clearances, including environment clearance from the Centre, within 12 months (by December 2019),” Kishore explained.

The full story is available at: The Economic Times.

SOURCE: The Economic Times