Hyderabad, Jun 27 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today expressed happiness over the Velankani Group's decision to set up a world-class solar power generation facility in Visakhapatnam.
A release here said, Velankani Group Managing Director and CEO Kiron Shah, accompanied by his senior management team, met Dr Reddy and expressed their willingness to set up a world-class silicon complex for manufacturing Chlorosilanes, Polysilicon and other silicon compounds for semi-conductor and photo-voltaic solar markets.
Mr Shah said the company would invest Rs 14,000 crore in the proposed integrated project over the next seven years, starting from this August. During the first two years of its operation, Rs 1,350 crore would be invested. The proposed project was expected to generate direct employment for 10,000 and nearly 2.5 times indirect employment, he added.
Stating that this was the first-of-its-kind in South Asia, the Chief Minister said at a time when fuels were becoming costlier, solar energy was gaining much importance. He hoped that the presence of the Group would augment the solar power industry in the state in a big way, besides projecting Visakhapatnam as a potential industrial city.
The state government had provided 150 acres to the Group and was ready to give another 80 acres, he added.
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