GIS: Investors seek early clearances for their projects

Visakhapatnam: Several investors, mainly those who had tied with foreign agencies, are pressing the state government to accord early clearances so as to cut down the cost overheads.

Previously some of them had faced difficulties in getting clearances, following which they had to drop the projects for good, resulting in financial losses for them.

One of them told Deccan Chronicle on Sunday that he signed an MoU for a Rs 70 crore entertainment project during a partnership meet organised by the previous government in 2015. But, the administration dragged its feet in the matter of identifying suitable land for the project on the beach road.

“I made several rounds to the local office and Thadepalli but none responded to my requests. My German partner finally withdrew from the project, saying he could not wait any more,’’ said the Hyderabad-based project proponent.

The investor again signed an MoU in the recently concluded Global Investors Summit. He pleaded with the officials for a time-frame for granting him the clearances. He was promised that this would be done in 21 days through a single window system.

Similarly, the promoter of a five-star hotel too requested the government for quick approvals. He is constructing the hotel in Adoni and by now raised the structure to five floors. For the remaining part of the project, he needed some approvals.

London-based NRI, Pavan Reddy, said he was raising the project at an estimated cost of Rs 100 crore. The project required 58 types of clearances from various departments. “I own the land and have already invested heavily for the project. I hope I will get the clearances early,’’ he said.

A host of investors want the projects cleared within a definite time-frame.

Tourism minister RK Roja and APTDC MD Kanna Babu promised the investors on Saturday that all the projects would be put on fast track. “The chief minister has also asked officials to accord early clearances,’’ said a senior official of APTDC.

As for the tourism investments, all the projects need to be sent to the Andhra Pradesh state investment and promotion board (SIPB). After getting approval, the proposals should be submitted to the APTDC online for single window clearance. The projects which were approved by the state cabinet on May 4, 2021, need not be sent to APSIPB.

The SIPB had cleared a chain of investment proposals for establishing industries in various sectors including energy, data centres etc in the state last month.