Andhra to get Rs 1.54 lakh cr investment in 2 years

Amaravati, Aug 16

Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Tuesday said that the state is rapidly progressing towards industrialisation with major corporates looking towards it.

In the last three years, 98 mega industries were established with an investment of Rs 39,350 crore, generating employment to around 60,541 people.

Under MSMEs, 31,671 companies have emerged, creating jobs for over 1,98,521 people with an investment of Rs 8,285 crore.

"In the next 2 years, we are aiming to establish 56 new industries with an investment of Rs. 1,54,000 crore, providing job opportunities to 1.64 lakh people. We continue to focus on ensuring 75 per cent of job opportunities are given to locals in Andhra Pradesh," he said.

The chief minister was speaking after inaugurating the first phase of the manufacturing plant of the ATC Tyres Private Limited's (a Yokohama Group from Japan) at the APSEZ in Atchutapuram of Anakapalli district.

The company will be making a total Rs 2,200 crore in setting up manufacturing unit, promising to provide employment for nearly 2,000 people.

An investment of Rs 1,250 crore has been made in the first phase with employment to around 1,200 people.

The chief minister stated that the company began production in just 15 months and the second phase is likely to go into steam by August 2023.

The company stands in fifth place in world ranking and is likely to move third spot soon, the chief minister said adding that such a company coming to Andhra Pradesh is a happy sign.

Within two months, Adani Data Centre is coming up at Vizag and locals will get 75 per cent of the jobs, he said.

The chief minister claimed that Andhra Pradesh is the only state with three industrial corridors and nine shipping harbours are coming up, he said.

He pointed out that for three consecutive years, the state has been on top of Ease of Doing Business list.

He assured the industrialists the government will extend full cooperation if they come forward.

The chief minister also participated in the groundbreaking ceremony of Pidilite Industries Limited which is set to establish a unit with an investment of Rs 202 crores, creating 380 employment opportunities.

Along with it, the foundation stone has been laid for the unit of Megha Food Processing Private Limited, which manufactures carbonated fruit drinks, packaged drinking water and other products, with an investment of Rs 185.25 crores, facilitating employment to 700 people.

Foundation stones have been laid for another six industries with an investment outlay of more than Rs 640 crore.