New Delhi, Nov 1 (KNN) Andhra Pradesh State Investment Promotion Board (SIPB) on Monday approved investment proposals worth Rs 19,037 crore.

The SIPB meeting chaired by Chief Minister Y.S. Jagan Mohan Reddy is hoping to generate employment for around 69,565 from the approved projects.

As per the proposals, Pepper Motion would set up a manufacturing unit of electric buses with an investment of Rs 4,640 crore at Punganur in Chittoor district. The project would create employments for 8,080 people.

JSW would set up an industrial park at S. Kota in Vizianagaram district with an investment of Rs 531 crore, creating direct and indirect employment for 35,750 and 9375 people respectively.

Sreyas Industries Limited would set up its unit at Ranasthalam in Srikakulam district with an investment of Rs 1,750 crore. The project would create direct and indirect employment for 2,000 and 500 people respectively.

The SIPB also approved a proposal of Substrate India Manufacturing Private Limited to set up a AI electronic product manufacturing unit in the Atchutapuram SEZ in Anakapalli district with an investment of Rs 166 crore, providing jobs to 5,000 persons.

Coastal Andhra Power Limited (Reliance Power) would transform its thermal power unit at Krishnapatnam in Nellore district into a green hydrogen and green ammonia unit, with an investment of Rs 6,174 crore. 

The project has the potential to create direct and indirect employment for 600 and 2,000 persons respectively. 

The board also gave its nod to the proposal of Andhra Paper Limited to expand its unit at Kadiyam in East Godavari district with an investment of Rs 4,000 crore. 

Other approved projects include project by ATC Tires to expand its unit in the Atchutapuram SEZ, Electro Steel Casting Limited’s proposal to expand its unit at Srikalahasti and many more.

In the meeting, the chief minister said, “With utmost transparency in the implementation of the industrial policy, Andhra Pradesh stood first in the Ease of Doing Business. We shall continue the journey by creating more favourable conditions for investors so that more industries would be set up in the State.”

“With utmost transparency in the implementation of the industrial policy, Andhra Pradesh stood first in the EoDB (Ease of Doing Business). We shall continue the journey by creating more favourable conditions for investors so that more industries would be set up in the State,” he said.

Energy Minister P. Ramachandra Reddy, Finance Minister B. Rajendranath Reddy, Municipal Administration Minister A. Suresh, IT and Industries Minister G. Amarnath, Tourism Minister R.K. Roja, Chief Secretary K.S. Jawahar Reddy and other senior officials participated in the SIPMB meeting held at the Chief Minister’s Office (CMO).

(KNN Bureau)