Fab City foundation stone laid

Dayanidhi Maran promises incentives for high technology industries

The Chief Minister, YS Rajasekhara Reddy has unveiled the foundation stone for the three billion Fab City on Wednesday. The Union Minister for Telecom Dayanidhi Maran said that Andhra Pradesh has bagged this project under intense competition. Maran said that the Government of India will soon come up with a special package of incentives for Semindia and other high technology industries.

The Chairman and CEO of Semindia, Vinod Agarwal said that the work on test and assembly plant would commence under Phase I and would be comleted in a span of one year. He said that the investment required for this plant is about $100 million and for Phase Ii would be constructed with an investment of $1 billion and i would take another two years and the mos advanced stage III would cost $2 billion.

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