Dubai firm to invest Rs 1 lakh crore in AP

Hyderabad, Aug 11: A Dubai-based company is planning to invest Rs 1 lakh crore in the state. According to reports, the company approached officials seeking 3,000 acre land near sea coast in Nellore district. As lands near sea coast in Nellore district were already allocated to MNCs, the officials asked the company to examine sites in Prakasam district. The company also wants to develop its own port. As the company agreed to set up a plant in Prakasam district, officials are busy in identifying suitable site. The company would set up a big petroleum refinery which may provide employment to 50,000 youth. While other companies are demanding tax sops and land on nominal prices, the Dubai firm intends to buy land at market rates. If everything goes as per the plan, the proposed refinery would be biggest Foreign Direct Investment (FDI) project in India.


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