Press Releases2016

Jan 14, 2016
Essel Infraprojects & Golden Concord Holdings Ltd. form Consortium to invest 2 billion USD in creating 5 GW of Solar Power Module Manufacturing Capacity by 2020 in Andhra Pradesh

In addition it will build and operate a Smart Industrial City to attract further investment of more than 10 billion USD by Chinese and other Indian Companies.

•    Inks MOUs with intent to invest $ 2 Billion in Andhra Pradesh
•    MoU for establishing Smart Industrial Parks, including LNG Terminal, involving an investment of about USD 10 bn indirectly by promoting various Chinese and Indian Companies to set base in this Industrial Park. This MoU also covers another investment of USD 2 bn directly into setting up of a state of the art manufacturing hub for Renewal Energy Equipment Manufacturing.
•    Expected to generate more than 100,000 new skilled jobs.
•    MOUs signed as part of Partnership Summit organized by CII.

Essel Infraprojects Limited (EIL) an enterprise of  Dr. Subhash Chandra led Essel Group announced its plans to join hands with China based Golden Concord Holdings Ltd. (GCL)  world's largest Photovoltaic material manufacturer, to establish an integrated Solar equipment manufacturing facility in Andhra Pradesh.
The announcement to this effect was made during the Partnership Summit organized by CII, Ministry of Commerce and Industries of Government of India and Government of Andhra Pradesh at Visakhapatnam today.

The Memorandum of Understanding (MoU) for investments were signed between the Consortium of GCL & Essel Group and Andhra Pradesh Government in presence of Hon. Chief Minister Chandrababu Naidu, GCL Group Vice Chairman Mr. Shu Hua and Essel Group's Chairman Dr. Subhash Chandra.

The Integrated Solar Energy Equipment Manufacturing facilities are envisaged to be set up with the total investment of $2 billion and would generate about 15,000 skilled jobs. Through this manufacturing base, GCL & Essel intend to cater to both domestic and overseas markets.

Besides this both companies will explore possibility of setting up Smart Industrial Park, which will attract investments of $ 10 billion in Andhra Pradesh through setting up multiple manufacturing facilities by Indian as well as Chinese companies.

Speaking on the occasion of signing MoU, Dr. Subhash Chandra said, "Andhra Pradesh's Chief Minister Hon. Mr. Chandrababu Naidu is known for his business friendly approach and within 15 months of creation of new state under his dynamic leadership state was ranked second best state for ease of doing business by the World Bank and I heartily congratulate him for that.

Renewable energy is the key for the economic growth of our country. It will aid clean energy initiative of the government. Taking the lead, Essel Group intends to facilitate India's green energy requirement by delivering sustainable energy and creating value to empower people, communities and businesses."

Mr. Shu Hua, Vice Chairman of the GCL Group said "We are very excited to be a part of the "Make in India" campaign of Prime Minister Narendra Modi. GCL looks forward to contributing towards the progress of this wonderful country by not only bringing in investments but also the latest available technologies of PV industry. While we were discussing on finalization of the venue for setting up of the PV manufacturing hub and the Smart Industrial Park, Chairman Dr. Chandra suggested that there could not be a better choice than the State of Andhra Pradesh. We grabbed this choice and today after my first interaction with Hon. Chief Minister, Mr. Naidu, I am more than convinced that our choice of Location was right. I would like to thank the Chief Minister to have given us an opportunity to set up base in AP."

This consortium not only supports Prime Minister's Make in India initiative but also shows its commitment to contribute help country to achieve target of installing 100 GW of solar power capacity by 2022.
Essel Group has underlined its commitment to contribute all round development of the state through its initiatives in sectors like solar PV cell manufacturing, dual use materials manufacturing in electronics and aviation space and integrated tourism infrastructure development.

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