Amaravati, Oct 8 (NationPress) The Andhra Pradesh State Investment Promotion Board (SIPB) convened on Wednesday to sanction investment proposals totaling Rs 1.14 lakh crore.

During the 11th SIPB session, chaired by Chief Minister N. Chandrababu Naidu, 26 initiatives across the IT, energy, tourism, aerospace, and food processing sectors were greenlit. These ventures are projected to generate 67,000 job opportunities.

Included in the approved initiatives is what is touted as the largest foreign direct investment in the state.

Raiden Infotech India Limited, a subsidiary of Google, plans to establish a data center in Visakhapatnam with an investment of Rs 87,520 crore, marking its largest facility outside the United States.

According to officials, Raiden Infotech will develop data centers across three campuses in Rambilli near Tarluvada, Adivaviram, and Achyutapuram, all within Visakhapatnam.

During the meeting, the Chief Minister and other ministers extended their congratulations to IT Minister Nara Lokesh for attracting this monumental foreign investment.

The Chief Minister remarked that these data centers are poised to transform the technology landscape in Andhra Pradesh, akin to the vision of a Quantum Valley.

He expressed confidence that Visakhapatnam is on track to evolve into a premier AI city.

The SIPB session, which extended for nearly three hours, also approved projects aimed at enhancing tourism through the hospitality sector, alongside initiatives in the energy domain.

On this occasion, the Chief Minister noted that investment initiatives have borne fruit within a mere 15 months, with SIPB meetings having approved investments totaling Rs 7.07 lakh crore, which are expected to provide direct employment to 6.20 lakh individuals.

Lokesh proposed developing a special economic corridor for Rayalaseema, similar to the industrial corridor devised for Visakhapatnam.

The Chief Minister suggested partitioning the region into industrial zones for targeted development.

He advocated for the establishment of an economic zone stretching from East Godavari to Srikakulam, another from West Godavari to Prakasam centered around Amaravati, and yet another focused on Nellore and Rayalaseema districts.

Currently, the CM highlighted ongoing developments in aerospace, electronics, drone technology, and automobile corridors within the Rayalaseema region. He also noted that Rayalaseema, a hub for horticultural crops, is evolving into a center for agro-processing.