Mumbai, Aug 28: In a good news for Andhra Pradesh, Prama Hikvision India Limited plans to invest Rs.500 crore in a manufacturing facility for electronic security and surveillance products in Andhra Pradesh.
The company, a joint venture between Prama India and Hangzhou Hikvision Digital Technology of China on Monday signed a Memorandum of Understanding (MoU) with the state government.
The MoU was inked by the officials during Chief Minister N. Chandrababu Naidu's roundtable Session in Mumbai.
The company is keen to invest in a manufacturing facility for electronic security and surveillance and other latest electronic equipment with a capacity of 15-20 lakh cameras and recording back-end devices production per month.
The project will bring an investment of approximately Rs 500 crore, which is expected to generate 1,000 direct and indirect jobs and more in auxiliary industries, said a statement.
The company is looking to treble its capacity to make cameras by expanding its manufacturing footprint in India to meet a steady increase in demand for cameras and digital video recorders.
Meanwhile, Naidu met Tata Group chairman emeritus Ratan Tata and discussed investment opportunities in Andhra Pradesh. He urged Tata Group to come forward for production of electrical vehicles and promote green mobility in new state capital Amaravati.
The Chief Minister sought their cooperation in development of industrial park in capital region, introduction of Vistara air services from Vijayawada, starting Starbucks at Visakhapatnam and Vijayawada and technology sharing for creating best eco system in capital region.
Naidu also visited Tata Experience Centre and interacted with the Tata Group officials.
He invited the group to invest in hotel industry including resorts in the state saying it has a vast potential for tourism promotion.
The Chief Minister invited the Tata Group to visit AP along with proposals of investment and said that he would form a committee to coordinate with them.