Chief Minister Y S Jagan Mohan Reddy’s critics in Andhra Pradesh were shocked with the Century Plyboard India Limited coming forward to invest Rs 1000 crore in the state.
Century’s chairman and managing director Sajjan Bhajanka and executive director Keshav Bhajanka met chief minister Jagan Mohan Reddy offering to set up a plant at Badvel in Kadapa district.
The country’s leading manufacturer of plywood, black board and particle board, is now present in Assam, West Bengal, Uttarakhand, Haryana, Punjab, Gujarath and Tamil Nadu.
Andhra Pradesh would be their second state in the state, where the Century Group plans to have its own plant.
The company’s plant would become a reality in AP by December 2022, with its first phase and would be completed by December 2024.
According to the initial estimate, the plant would provide over 3,000 direct and 6,000 indirect jobs to the locals.
The company will have a production capacity of 4,00,000 metric tons per annum and will go up to 10,00,000 metric tons by the end of third phase.
The company also plans to encourage farmers for growing eucalyptus trees and give a remunerative price, they said.
When the CMD and MD met the chief minister and finalised the plan, Jagan’s critics, who have been accusing him of driving away industrialists from the state, were dumbstruck.
The plant, among other such big brands which are lined up to invest in the state, is now a master stroke by Jagan to his critics.