The Andhra Pradesh State Investment Promotion Board (SIPB) has approved four mega industrial projects. With a total investment of Rs 26,630 crore, Essel-GCL alone has proposed to invest Rs 21,300 crore into the project. It will spend the same on a solar panel manufacturing unit in Chittoor. The projects have an employment potential of 53,100 reportedly.
The next big investment comes in from Anil Dhirubai Ambani Group’s Reliance Defence, with a proposal to invest Rs 5000 crore for the shipbuilding unit in our city. The other proposals include Gokaldas Exports Limited’s garment unit at Anantapur with an investment of Rs 180 crore, and Dixon Technologies Pvt. Ltd., an electronics manufacturing unit in Chittoor with an investment of Rs 150 crore.
The projects had signed MoUs with the state government during the CII Partnership Summit held in the city in January. The SIPB has also approved proposals of investors located in other states. In addition to these, United Seamless Tubular Pvt Ltd, Kamineni Steel & Power Ltd and Oil & Country Tubular Pvt. Ltd. projects worth Rs 2000 crore have been approved.
375 projects with an investment proposal of Rs 3,31,650 crore collectively had been identified in the last two and a half years. Out of them, 253 are already in process and land has been allotted for the remaining 55. Chief Minister N Chandrababu Naidu said that Rs 350 crore was given by the central government to Rayalaseema and north coastal Andhra Pradesh. The money will be spent on basic amenities in these districts.
Investors looking to invest in the tourism sector have been invited to do so as there have not been enough investments in the tourism sector lately.