AP seeks funds from corporates

Vijayawada: The state, which is facing its worst financial crisis, is seeking funds from corporates to establish the proposed energy and logistics universities in Anantapur and Kakinada respectively.  

While there has been an assurance from the Ministry of New and Renewable Energy of the Union government’s funding of Rs 500 crore for the energy varsity and a few power generation companies, there has been no such assurance for the logistics varsity, due to which the proposal is hanging in balance.

Infrastructure Corpora-tion of Andhra Pradesh (INCAP) and the New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP) had also written to PSUs and some private players seeking funds for the establishment of the energy varsity, which is planned at Anantapur.  The state government pegged the expenditure for creating infrastructure facilities and other expenses for the energy varsity at Rs 405 crore, till 2023.

It was estimated that state needed at least Rs 250 crore to establish the logistics university. The department of ports had already identified around 90 acres of land in Kakinada to be allotted for the logistics varsity. However, there are no signs of any commitment of funds from the corporates or the PSUs. The state government had also approached the Union ministry of shipping seeking funds and is awaiting a response. 

While the state government had received some commitment of funds from a few private players, it was yet to get a positive response from the PSUs for the energy varsity.  Interest has been expressed by the Suzlon Group to offer Rs 35 crore and the ILFS, Axis Energy and ReGenPowertech of Rs 1 crore each but the government is awaiting commitment from Gamesa Wind Turbines.