AP To Welcome Industries Worth Rs 19,000 Crore!
The proposals for massive investments for the state were approved. With this, the state not only gets massive investments but also increases employment opportunities directly and indirectly.By: Tupaki Desk | 3 Nov 2023 11:57 AM GMT
Investments are crucial for any state to survive and the growth. States that get investments have better chances for growth. The amount of investments the states get is an example of the encouraging atmosphere that states offer that makes the companies prefer one region compared to others.
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy is proving his good governance on a bigger stage. The proposals for massive investments for the state were approved. With this, the state not only gets massive investments but also increases employment opportunities directly and indirectly.
The State Investment Promotion Board (SIPB) gave its nod to the investment proposals to the state and the tune of the investments is around Rs Rs 19,037 crores. Various companies expressed interest in coming to the state and the proposals were approved by the SIPB that met under the leadership of Chief Minister YS Jagan Mohan Reddy.
Reliance Power is going to come to Krishnapatnam in Nellore district to set up a thermal power unit and the tune of the investment is very big. The company said it wants to make an investment of Rs Rs 6,174 crore in the region and the state Cabinet led by YS Jagan gave its nod to this. The investment will create direct employment for 600 people and indirect employment for 2000 more.
Smile Company came forward to invest Rs 166 crores for the production of electronic equipment near the industrial town near Anakapalli District’s Achyutapuram which will employ 5000 people. ATC Tyres is going to come in the same SEZ with an investment of Rs 679 crore that generates 300 jobs.
The proposals did not end there. Venkateswara Biotech company has a proposal to invest Rs 114 crore near Kommuru in Eluru which generates employment for 310 people. Electrosteel Castings Limited will expand its reach with Rs 933 crore generating 2100 jobs as the company came forward to expand the Andhra Paper Mill. The company is going to invest Rs 4,000 crore which will generate employment for 3000 people.
An investment of Rs 531 crore is going to come near S. Kota in Vizianagaram in the JSW Industrial park which will employ 35,750 people directly and for 9375 people indirectly. Orill Foods is going to come to Padmanabham with a Rs 50 crore investment and this will employ 550 people.