Four major firms to invest Rs 20,210 crore in Vizag

Four major companies have come forward to make an investment of over Rs 20, 210 crore in Visakhapatnam which is likely to generate over 50,000 jobs.

The State Investment Promotion Board (SIPB), at its meeting held in Amaravati on 23 July, okayed the proposed investments by Sify, Sattva, ANSR and BVM in Visakhapatnam.

Chief Minister N Chandrababu Naidu, who chaired the meeting, directed the officials to identify suitable land for the four companies. He hoped the flow of investments would help the government achieve its goal of creating 20 lakh jobs in a period of five years.

Investment proposals of as many as 113 firms were approved by SIPB till date, said the Chief Minister adding the companies would invest over Rs 5.94 lakh crore. The projects, once operational, would provide job opportunity to over 5.56 lakh youth, said the Chief Minister.

Minister Lokesh, who was also present, said the investment by such big companies would enhance the brand image of Visakhapatnam. He claimed that the State was making significant strides in attracting investments.

Read also: MoU signed to set up $4B Green Hydrogen Hub near Visakhapatnam Port

Stay tuned to Yo! Vizag website and Instagram for more city and news updates.

This article is written by Senior Journalist Lakkoju Nagesh Babu