Hydrofoil Boats Maker Aria Global Offers to Invest ₹300 Crore in AP
Vijayawada:Investments and infrastructure minister B.C. Janardhan Reddy said Aria Global, a Singapore-Spain joint venture, has come forward to invest ₹300 crore in Andhra Pradesh for manufacturing biosynthetic wood and hydrofoil boats.
In this regard, Aria Global executive director (ED) Sampath Kumar called on minister Janardhan Reddy at the Secretariat on Thursday.
The minister said he will take the investment plans to the notice of Chief Minister Nara Chandrababu Naidu. He offered his full cooperation to Arial Global in setting up bio-synthetic wood and hydrofoil boat manufacturing companies in the state.
Sampath Kumar explained to the minister that they manufacture bio-synthetic wood, which is made from plastic waste. It has been successful in many places of the world. He said biosynthetic wood does not cause any harm to the environment.
The Aria Global ED told the minister that they also make hydrofoil boats with advanced technology. He disclosed that negotiations are on to supply these boats to the Indian Navy. These boats are faster and safer than regular boats and very useful for coastal patrolling. The matter is being examined by higher officials of the Indian Navy.
Sampath Kumar sought assistance from the state government for setting up the biosynthetic wood and boat manufacturing companies in Andhra Pradesh.
Responding, minister Janardhan Reddy said he will discuss the proposal with higher officials and then take up the issue with the Chief Minister. He underlined that the AP government is investment and industry-friendly and wants to ensure swift development of Andhra Pradesh.
