Asian Paper and Pulp Withdraws Biggest FDI in Andhra Pradesh

YSR-Congress-to-Contest-in-TelanganaAsian Paper and Pulp, a subsidiary of Sinarmas, is one of the largest industrial houses in Indonesia had signed an MOU with Andhra Pradesh Government last year. According to that, APP will invest Rs 24,000 crore ($3.5 billion) in its proposed pulp and paper manufacturing unit at Ravuru in Gudluru Mandal of Prakasam district.

It is supposed the single biggest FDI so far in the country. The project with a capacity of 5 million metric tonnes per annum will be the largest unit of APP at a single location. The unit was supposed to come up in 2,471 acres of land and generate 4,000 direct and 12,000 indirect jobs. But then, the project is now dropped.

As per a report in First Post, Asian Paper & Pulp has taken this decision mainly due to the new policies of the Jagan Reddy’s Government. This will come as a big blow to the new government as it is starting at empty coffers. Unless Jagan can generate revenues and mobilize resources, he will be under tremendous pressure to meet the increasing expenditure due to his election promises.

Suspecting all the projects signed during Chandrababu Naidu, the new Chief Minister is harming the investor sentiment. His measures to date have unnerved foreign investors and damaged the business environment of the state. Unless he does not do something now, it will make things increasingly difficult.

Follow @mirchi9 for more User Comments
Bandobast Review, Kaappaan Movie Review RatingsDon't MissBandobast Review - Messy Narrative Kills Thrilling PlotBOTTOM LINE Messy Narrative Kills Thrilling Plot OUR RATING 1.5/5 CENSOR 'U/A'Certified, 2 hrs 46...Don't Missచంద్రబాబుకు ముద్రగడ లేఖ... ఏంటో ఈ చిత్రం?కాపు ఉద్యమ నాయకుడు ముద్రగడ పద్మనాభం వైఎస్ జగన్ మోహన్ రెడ్డి అధికారంలోకి వచ్చాకా కనిపించడం మానేశారు. అప్పట్లో చంద్రబాబు...A Day of Unbelievable Self-Goals by JaganDon't MissA Day of Unbelievable Self-Goals by JaganChief Minister YS Jagan Mohan Reddy is committing small mistakes and playing into the hands...KajalDon't MissKajal's Reply to the Fan's Marriage Proposal Is EpicKajal Aggarwal has been becoming active on social media lately and the beautiful actress has...Don't MissValmiki Review -A Typical But Lengthy Mass EntertainerBOTTOM LINE A Typical But Lengthy Mass Entertainer OUR RATING 2.5/5 CENSOR 'UA' -2 Hr...
Mirchi9