Andhra Pradesh Clears Rs 1.21 Lakh Cr Investments Aiming 80,000 Jobs

(MENAFN- KNN India) Amaravati, Mar 15 (KNN) The State investment Promotion Board (SIPB), chaired by Chief Minister Nara Chandrababu Naidu, has approved investment proposals totaling Rs 1,21,659 crore from ten companies.

The approvals, which came during Thursday's meeting at the Chief Minister's Assembly office, are projected to generate 80,104 employment opportunities across the industrial, energy, and tourism sectors.

This fourth SIPB meeting also included a review of projects previously approved in the first three meetings.

With these latest approvals, the board has now cleared cumulative investment proposals worth Rs 4,32,584 crore, expected to create 3,92,680 jobs throughout the state.

Chief Minister Naidu directed officials to ensure prompt commencement of ground operations by companies that have signed investment agreements.

He emphasised the importance of daily monitoring mechanisms for all approved and ongoing projects and instructed officials to develop a real-time tracking system to facilitate effective supervision.

The Chief Minister also mandated the establishment of MSME parks in all 175 Assembly constituencies, beginning with one park in each of the state's 26 districts, along with five Ratan Tata Innovation Centres to be set up within a month to foster innovation and entrepreneurship.

Naidu underscored the necessity for officials to persistently follow up on investment proposals until they materialise and to accelerate approvals for agreements already signed.

"Only with swift action can we achieve sustainable growth and results," the Chief Minister stated during the meeting.

The approved investments span diverse sectors, with Indosol Solar Private Limited committing the largest investment of Rs 58,469 crore, expected to create 13,050 jobs.

Satyavedu Reserve Infracity Private Limited (Sri City) follows with an investment of Rs 25,000 crore, projected to generate 50,000 jobs.

AP NGEL Harith Amrit Limited plans to invest Rs 22,000 crore in Anantapur and Sri Satya Sai districts, creating 8,300 jobs, while Aastha Green Energy Ventures will invest Rs 8,240 crore in Annamayya and Kadapa districts, generating 4,000 jobs.

Other significant approvals include Dalmia Cement's Rs 2,883 crore investment in Kadapa, Premier Energies Limited's Rs 1,742 crore project in Naidupeta, and Lulu Global International's Rs 1,500 crore investment in Visakhapatnam.

The tourism sector will benefit from investments by Mayfair Beach Resorts & Convention (Rs 400 crore) and Oberoi Vilas Resort (Rs 250 crore), collectively creating 900 jobs in the hospitality industry.

(KNN Bureau)

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