AMARAVATHI: The Andhra Pradesh government has approved a major investment of Rs. 85,083 crore in the state’s industrial sector, marking a significant step under the new coalition government. During the first five months of the coalition’s tenure, the government has granted approval for the establishment of 10 large-scale industries, particularly in the manufacturing and energy sectors. This approval was given during the first meeting of the State Investment Promotion Board (SIPB), chaired by Chief Minister Chandrababu Naidu, at the state secretariat. These industries are expected to bring substantial employment opportunities to the state, with the creation of over 33,966 jobs.
Notably, in the steel sector, the government has approved a proposal to establish an integrated steel plant in Anakapalli district. This project, backed by industry giants ArcelorMittal and Nippon Steel, is set to invest Rs. 61,780 crore, with a projected production capacity of 7.3 million tonnes annually. It is expected to create employment for nearly 21,000 individuals. The project is slated for completion by 2029.
Additionally, the government has greenlit several projects in the defense and energy sectors. Bharat Forge’s subsidiary, Kalyani Strategic Systems Limited (KSSL), will set up a defense manufacturing unit in the state with an initial investment of Rs. 1,430 crore, which will generate 565 jobs. Moreover, LG Electronics India has committed to investing Rs. 5,001 crore, which will create 1,495 jobs, despite the earlier challenges faced by the company in the state. Other significant investments include a Rs. 3,798 crore project by Phillips Carbon Black and a Rs. 1,046 crore investment by Azad India Mobility Limited, promising thousands of new employment opportunities.
In the energy sector, investments worth Rs. 11,902 crore are also in the pipeline. The government has approved several renewable energy projects, including a pumped storage power project in the YSR and Annamayya districts, with a total investment of Rs. 8,240 crore, creating 4,000 jobs. Other projects in solar and wind energy, totaling investments of Rs. 3,662 crore, are also set to contribute to the state’s growing energy capacity. Chief Minister Naidu emphasized the need to offer respect and full cooperation to incoming investors, ensuring a conducive environment for business growth.
