The State Investment Promotion Board which met today under the chairmanship of the Chief Minister Shri N. Chandrababu Naidu has granted approval for setting up of two mega projects in the State.
Tremag Alloys Private Limited and Tata Chemicals Limited have been granted approval for setting up of units to manufacture Magnesium Ingots and prebiotics.
Tremag Alloys Private Limited has come forward to set up a Magnesium Ingots Manufacturing Plant in the Kadapa Mega Industrial Park in an extent of 100 acres. While the total investment proposed by the company is Rs.660 crores, it will provide direct employment to over 1200 persons and indirect employment to 6000 persons.
The phase one of the project will commence in the month of November 2018 and second phase will start from May 2019. The expected turnover is Rs. 800 crores.
This is 1st such project in India to use Pidgeon process to produce magnesium ingots; used primarily for steel, auto, aviation industries.
Tata Chemicals Limited is keen on setting up a Prebiotics Manufacturing Plant to manufacture FOS (Fructo-oligosaccharides) and GOS (Galacto-oligosccharides) powders.
The plant will come up in APIIC Industrial Park, Mambattu Village, Tada Mandal, Nellore district in an area of 39.81 acres with a total investment of 400 crores. The expected turnover is Rs 183.crore by 2021 and will provide direct employment to 150 people and indirect employment to 80 members.
The plant will be completed in two phases and the production will start in the month of December 31st 2018.