Andhra Pradesh - Hyderabad   

APMDC ties up with Swiss firm

Special Correspondent

HYDERABAD: After firming up the proposals of major investments in the Fab City and port development, the State Government is eyeing the untapped potential in the mining sector.

The Andhra Pradesh Mineral Development Corporation has signed a memorandum of understanding with M/s Bothli Trade AG of Switzerland for setting up of mining and mineral separation plant for beach sand mining. Likely to be located at Bhogapuram mandal of Vizianagaram district, the total capital outlay of the project is about Rs. 4,500 crores and the turnover after the completion of the final stage is expected to be around Rs. 18,000 crores.

As part of the MoU signed in the presence of the Chief Minister, Bothli AG would invest around Rs. 70 to 90 crores in the first phase and APMDC would hold an equity of 26 per cent (11 per cent by way of mining sub-lease and 15 per cent to be adjusted against the payment of consideration amount till full payment of providing infrastructure). The APMDC would allocate more than 8,000 hectares from Lawson Bay in Visakhapatnam to Koyyam in Vizianagaram and from Bendicreek to Barua and Donkuru deposit of Srikakulam district.

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