AP state investment promotion board headed by Chief Minister Chandrababu Naidu has cleared all decks to one more big company Asian Paints. It is another biggie after Hero Motors that will come to AP after the division of the state. CBN gave special package of incentives to this painting company. Asian Paints approached the government to build 400,000 Kilolitre plant in Visakhapatnam district.
State Investment Promotion Board has agreed to extend various incentives to invite investments. A refund of gross VAT.CST and any other levy of a similar nature to the extent of 150% of the eligible investment, 100 acres of land with concessional price and power subsidy are among them. CBN offers tailor-made incentives for mega projects under the new policy.
Asian Paints would start the construction work in 2016 in AP and start production in October’19. It will likely to invest 1818 crores in the state and will generate employment to 700 people. It has 10 manufacturing plants in India including Patancheru in Telangana.
