Andhra Pradesh Set to Draw ₹1.82 Lakh Crore Investment

Amaravati, Dec 30 (NationPress) The Andhra Pradesh State Investment Promotion Board (SIPB) convened on Monday to approve nine significant projects slated for development in the state, amounting to an investment of over ₹1.82 lakh crore.

During the SIPB meeting, presided over by Chief Minister N. Chandrababu Naidu, these projects received the green light, with an expectation to generate approximately 2.64 lakh jobs.

On the same day, CM Naidu instructed officials to ensure that all necessary approvals, including land allocation, are processed promptly for those willing to invest significantly in the state.

Officials reported that at least nine projects are currently being developed in the state, involving an investment of ₹1,82,162 crore and creating employment for 2,63,411 individuals. Notably, the Bharat Petroleum Corporation Limited (BPCL) is establishing a large refinery over an area of 6,000 acres at Ramayapatnam in Nellore district, with an investment of ₹96,862 crore, which will provide 2,400 jobs.

The BPCL's plan includes a township featuring five blocks, which will consist of a learning center, a refinery, a petrochemical unit, and an administrative block, as informed to the Chief Minister. The state is projected to earn ₹88,747 crore in revenue from this project over the next 20 years, with the Chief Minister urging officials to expedite project completion by 2029.

Tata Consultancy Services (TCS) has committed ₹80 crore for a facility in the port city of Visakhapatnam, generating employment for 2,000 youths. Furthermore, Azad India Mobility Limited is launching a green initiative to produce electric buses, three-wheelers, and battery packs on 70.71 acres at Gudipalli in Satya Sai district within the next six years, creating 2,381 jobs.

Balaji Action Buildwell Pvt Ltd is establishing a plant on 106 acres in Rambilli located in Anakapalli district, with an investment of ₹1,174 crore aimed at creating 1,500 jobs. A number of industrialists are keen to invest in the state, drawn by the recently adopted clean energy policy of the state government, which is expected to generate over two lakh jobs in the clean energy sector alone.

Tata Power Renewable Energy Limited is set to establish a solar power project with a capacity of 400 megawatts at Hosur in Kurnool district, covering 1,800 acres and investing ₹2,000 crore, which will create 1,380 jobs. In addition, several other power projects are underway in YSR district, while Reliance Industries Limited plans to invest ₹65,000 crore to generate employment for over two lakh individuals.

The Chief Minister inquired about the developments on projects approved during the SIPB meeting on November 19.

He urged officials to ensure that all essential amenities are provided to these industries promptly so that the projects can be finalized as planned. Additionally, he instructed the officials to attract further investments to the state through various incentives and subsidies available to industries.