Sri City signs 13 MoUs of Rs 600 crore at Partnership Summit

Source: The Economic Times, Jan 29, 2017

VISAKHAPATNAM: Sri City, one India’s most successful special economic zones located in Southern part of Andhra Pradesh closer to Chennai, has announced entering into memoranda of understanding (MoUs) with 13 firms involving an investment of Rs 600 crore.

The MoUs were singed in the presence of Andhra Pradesh chief minister N Chandrababu Naidu at the two-day CII Partnership Summit held in Visakhapatnam on Saturday.

While Manpasand Beverages proposed Rs 150 crore of investment, the Spanish renewable energy firm Windar Renewables agreed to invest Rs 130 crore. MCNS of South Korea and Premium Ingredients of Spain were among those entered into agreements, said Sri City’s founder managing director Ravindra Sannareddy.

Others who entered into MoUs include Mahabal Metals and Proto, IRMRA, Blue Star, TCI, Snowman Logistics, Mabalam Iyers, Sri Lakshmi Agro and Shrisym Technologies.

“The need of the hour is creating employment in the region and we are happy to note that all the new clients would provide jobs for about 2000 people,” said Sannareddy.

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