Chief Minister N. Chandrababu Naidu chaired the State Investment Promotion Board meeting at the Secretariat on Tuesday (November 19, 2024) . | Photo Credit: Special Arrangement

Andhra Pradesh SIPB clears investment proposals worth ₹85,000 crore; 10 industries to create 34,000 jobs

The State Investment Promotion Board decides to provide incentives based on the number of jobs created by the investment projects

by · The Hindu

The Andhra Pradesh State Investment Promotion Board (SIPB) has decided to provide incentives based on the number of jobs created by these projects, in line with the recently announced industrial policy.

The SIPB’s first meeting was held under the chairmanship of Chief Minister N. Chandrababu Naidu on Tuesday (November 19, 2024), in which approvals were given for investments worth ₹85,000 crore. The meeting discussed investment proposals and agreements made in the past five months and their progress. It also reviewed the status of the agreements signed previously. 

The SIPB approved 10 large industries that would create 34,000 jobs. Arcelor Mittal & Nippon Steel in Nakkapalli will invest ₹61,780 crore in Andhra Pradesh, providing employment to 21,000 people by 2029.

LG Electronics Private Limited will invest ₹5,001 crore and create job opportunities for 1,495 people. Kalyani Strategy Systems Limited will invest ₹1,430 crores, providing 565 jobs. 

TAFE Parashia India Limited will invest ₹76 crore and provide 250 jobs. Phillips Carbon Black Limited will invest ₹798 crore and create employment for 200 people.

Azad India Mobility Limited will invest ₹1,046 crore and create 2,381 jobs. Dallas Technology Center LLP will invest ₹50 crore in the State and provide 2,000 jobs.

Astha Green Energy Ventures will invest ₹8,240 crore and create 4,000 jobs, while Green Solar IRAP Limited will invest ₹2,000 crore and provide 1,725 jobs. Ecoren Energy India Limited will invest ₹1,662 crore and create 350 jobs.

Deputy Chief Minister Pawan Kalyan, Ministers Nara Lokesh, P. Narayana, K. Atchan Naidu, Anagani Satya Prasad, TG Bharat, Kondula Durgesh, G. Ravi Kumar,  Vasamsetti Subhash, B.C. Janardhan Reddy, Chief Secretary Neerabh Kumar Prasad, and several senior officials took part in the meeting.

Published - November 20, 2024 03:30 am IST