LG Electronics To Invest Rs. 5000 Crore Set-up Manufacturing Facility In Sri City, Andhra Pradesh

New Delhi, May 7 (KNN) South Korean conglomerate LG Electronics will establish a significant manufacturing facility in Sri City, Andhra Pradesh, investing Rs 5,000 crore. The stone-laying ceremony for this landmark project is scheduled for Thursday.

The facility will span 247 acres and focus on manufacturing refrigerators, air conditioners, and washing machines, along with components such as compressors, motor compressors, and heat exchangers. Production operations are expected to commence by December 2026.

This investment represents the largest of its kind in South India and is projected to generate 1,495 direct jobs and approximately 10,000 indirect employment opportunities.

The project marks the first large-scale manufacturing complex under the state government's manufacturing policy.

Four LG Electronics suppliers are also making their first entry into India, confirming an additional investment of Rs 839 crore in Sri City. LG is expected to complete the total investment exceeding Rs 5,000 crore within a four-year timeframe.

As part of incentives under the manufacturing policy, the Andhra Pradesh government has offered substantial benefits including waived stamp duty and registration fees, 100 per cent subsidy on water consumption for 20 years, SGST refund on construction work, full exemption from electricity duty for 20 years, 50 per cent subsidy on electricity tariffs, and a monthly skilling subsidy of Rs 6,000 per worker for five years.

Multiple state departments including power, water resources, and land have been directed to expedite processes for swift project implementation.

A senior-level officer has been designated to provide guidance to the company regarding all necessary inputs for speedy execution, and a special single-desk clearance process has been implemented to facilitate rapid development.

(KNN Bureau)