Investment of Rs 19,037 Crore Approved in State Investment Promotion Board Meeting

Vijayawada: Chief Minister Y.S. Jagan Mohan Reddy has said a total investment of Rs 19,037 crore was approved in the State Investment Promotion Board (SIPB) meeting and this would create employment opportunities to 69,565 people in AP.

The meeting was held at the CM’s Camp Office under the chairmanship of Chief Minister Y.S. Jagan Mohan Reddy. The Chief Minister directed the officials to keep track of the emerging trends and revolutionary changes in the industrial sector and effect necessary changes in the state’s industrial policy.

“With utmost transparency in the implementation of industrial policies, we stood first in the EoDB (Ease of Doing Business). We shall continue the journey by creating more favourable conditions for the investors so that more industries would be established in AP,” he said.

Jagan Mohan Reddy said, “Despite speedy clearances and giving an assurance that we are just a phone call away in solving problems of investors and industrialists, there is a need to expedite the licensing and clearance procedures for ensuring fast industrial growth. The steps to translate the MoUs signed at the Visakhapatnam GIS into reality should be expedited.”

The Chief Minister also asked the officials to keep up the momentum in handholding the MSMEs and supporting them at every step.

The proposals approved at Monday’s meeting include a Pepper Motion and the establishment of a manufacturing unit for electric buses with an investment of Rs 4,640 crore at Punganur in Chittoor district. It will have an employment potential of 8,080.

This apart, JSW would set up an industrial park at S. Kota in Vizianagaram district with an investment of Rs 531 crore, providing direct and indirect jobs to 35,750 and 9,375 persons respectively.

In the same way, Sreyas Industries Ltd would set up its unit at Ranasthalam in the Srikakulam district with an investment of Rs 1,750 crore, having direct and indirect employment potential of 2,000 and 500 respectively.

Substrate India Mfg Pvt. Ltd’s proposal to invest  Rs 166 crore to launch its AI electronic product manufacturing unit at Atchutapuram SEZ in Anakapalle district, providing jobs to 5,000 persons, got the nod.

The Coastal Andhra Power Ltd (Reliance Power) would change its thermal power unit at Krishnapatnam in Nellore district into a Green Hydrogen and Green Ammonia unit with an investment of Rs 6,174 crore. It has the potential to provide direct and indirect employment to 600 and 2000 persons respectively.

The Andhra Paper Ltd’s proposal to expand its unit at Kadiyam in East Godavari district with an investment of  Rs 4,000 crore, with an employment potential of 3,000, was also cleared.

The board also cleared the proposal of ATC Tires, which will expand its unit at Atchutapuram SEZ with an investment of '679 crore, with an employment potential of 300. In the same way, Electro Steel Casting Ltd will expand its unit at Srikalahasti in Tirupati district with an investment of '933 crore and employment potential of 2,100 persons.

The Sri Venkateswara Bio Tech would establish its unit at Kommuru in Eluru district by investing Rs 114 crore and providing jobs to 310 persons. The Orill Food Pvt Ltd would establish its unit at Maddi in Visakhapatnam district with an investment of  Rs 50 crore. It will provide employment to 550 persons.