Andhra Pradesh government accords permission to APIIC to borrow funds for implementation of priority projects

The Andhra Pradesh government has accorded permission to Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) to borrow funds up to Rs 50 billion for the acquisition of land for various priority projects being undertaken in the state. The projects include the Visakhapatnam-Chennai industrial corridor, the Chennai-Bengaluru industrial corridor, the National Industrial Manufacturing Zone and the peninsular region industrial development corridor. Meanwhile, the state government has also agreed to stand guarantor for a Rs 20 billion loan from the Housing and Urban Development Corporation Limited. The loan is needed to meet immediate financial requirements for the committed works in Achuthapuram, Nakkapalli, Naidupeta and other regions for the industrial corridors/parks.