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Commerce Minister waits for Cabinet nod for industrial corridor SPVs

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The Asian Development Bank (ADB) has submitted a feasibility study report for two industrial corridors — Vizag-Chennai and Chennai-Bengaluru — and the commerce ministry is waiting for Cabinet approval to form special purpose vehicles to roll out these projects.

Commerce and Industry Minister Nirmala Sitharaman said Vizag-Chennai Industrial Corridor (VCIC) and Chennai-Bengaluru Industrial Corridor (CBIC) are priority activity for her department.

ADB has done the feasibility study and “they have submitted (the report) and now we are also waiting for the Cabinet to give us an approval for forming special purpose vehicles with which each of these corridors can start rolling out,” she told reporters here today.

The minister said this at a joint press briefing with Andhra Pradesh Chief Minister Chandrababu Naidu. Both were speaking on the forthcoming Partnership Summit 2017 in Vizag in January next year, being organised by CII.

To boost manufacturing, the government has proposed several other industrial and economic corridors, including Delhi-Mumbai, Amritsar-Kolkata and Bengaluru-Mumbai.

The ministry is trying to integrate national investment and manufacturing zones (NIMZS) with these corridors. About the two-day Summit, kicking off on January 28, 2017, Sitharaman said Andhra Pradesh has all the potential to attract domestic and global investments.

Naidu too tried to hardsell the state, saying delegates from several countries are expected to participate in the summit.

“Andhra has all the advantages. It has deep sea ports, water, power, natural resources and other infrastructure to attract investments,” the chief minister said.

According to Naidu, last year, as many as 328 MoUs were signed worth Rs 4.67 lakh crore. Of this, 93 projects are at different stages of implementation and 41 have been alloted land.

CII Vice-President Rakesh Bharti Mittal said the summit will provide a platform to investors to deliberate on investment opportunities.

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