To invest Rs.600 crore for the plant
Plans to produce 8,000 buses annually
7000 unemployed to get direct employment in the plant
Prominent bus maker Veera Vahana Udyog Private Limited will set up its plant in drought hit Anantapur district of Rayalaseema region. The state government has allotted 120 acres of land to the bus maker in Gudupally area of the district. The company will invest Rs.600 crore for the establishment of its plant. It will produce 8000 buses per annum from its proposed plant. The representatives of the company have been in touch with the officials of the state government since the month of November last year. During their discussions, they urged the state government to give different kinds of incentives and subsidies for the establishment of the plant. They have made a formal request for the allotment of land for Rs.5 lakh per acre besides the incentives and subsidies. The authorities of the state government, after reviewing the proposals decided to allot the land for Rs.6 lakh per acre to the company.
They have also decided to waive of entry fee, provide 100 percent stamp duty waiver and complete reimbursement of VAT (Value Added Tax) for a period of seven years from the date of the establishment of the plant in the district. They have also decided to supply electricity at a subsided rate of Rs.1 per unit for a period of seven years. The plant will provide employment opportunities to 7000 unemployed youth of the Rayalaseema. In the first phase, five thousand people will get the employment and in the second phase the remaining 2000 people will get the employment at the plant. The company is registered in Bengaluru. Over 2000 buses produced by the company are already playing on the roads of the country.