A.P. signs MoU for gas-based fertilizer plant.

The Krishnapatnam Port area in Andhra Pradesh is all set to have another major industry.

The State Government has succeeded in convincing Chinese major, Huanqiu Contracting and Engineering Corporation (HQCEC) for setting up a gas-based fertilizer plant near the Krishnapatnam Port.

The proposed plant, with an estimated investment of Rs. 10,183 crore, would be executed by the HQCEC in association with Malaysia-based Isomeric Holdings and LEPL Ventures of the State.

A memorandum of understanding to this effect was signed between the AP Economic Development Board, Industries and Commerce Department and the three companies recently.

The development comes after Chief Minister N. Chandrababu Naidu, presently in China to attend the meeting of the World Economic Forum being held at Tianjin, held discussions with the senior management of the HQCEC.

An official communication said that the HQCEC, affiliated to the China National Petroleum Corporation, had over five decades of track record in setting up major, medium and small industries.

The company had expertise in engineering, procurement, construction, commissioning and supervision of major projects while the Isomeric Holdings had proven track record in setting up gas-based projects, the communication said.

According to the Memorandum of Uunderstanding, construction works on the fertiliser plant would commence during the next fiscal and the project would provide direct employment to over 5,000 people.

THE HINDU