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CM announces revival of PSUs

Written by: Staff

Visakhapatnam, May 13 (UNI) Andhra Pradesh Chief Minister Dr Y S Rajasekhar Reddy today said the rapid industrial growth clubbed with the expansion of projects of Hindustan Petroleum Corporation Limited (HPCL), National Thermal Power Corporation (NTPC) and Visakhapatnam Steel Plant (VSP) would transform Visakhapatnam into one of the premiere industrial hubs and put it on the international map.

Addressing a press conference here, Rajasekhar Reddy said an invetment of Rs 16000 crore in HPCL will be partly utilised for expanding the existing refinery and constructing a new refinery in about 3,000 acres. 'The 1300 mw expansion project for NTPC with an estimated cost of Rs 6000 crore and Rs 8,000 crore plus expansion project of VSP will give a fillip to the industrial sector in the area' he said.

He also said that the substantial growth of the information technology companies whose software exports amounted to Rs 1,000 crore in three years had transformed the city into one of the most sought after destinations. 'The software exports will witness tremendous growth due to the foray of major IT firms like Wipro and Satyam. Software exports from Visakhpatnam were worth nearly Rs 109 crore last year and Rs 70 and about Rs 45 crore in the last two years', he said.

Highlighting the potential of the IT sector in generating more employment he said that his government was giving necessary infrastructure support to such firms.

The chief minister also asserted that the existing Public Sector Undertakings (PSUs) would be revived by selling certain government lands and investing the sale proceedings in its share capital. He also ruled out any security threat to eastern naval command due to Gangavaram port, saying navy had given clearance and there was no room for any apprehension.

Referring to Osmania and Andhra University Colleges of Engineering getting IIT status, Mr Rajasekhar Reddy said the efforts were on to secure it.


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