VIJAYAWADA: The State Investment Promotion Board (SIPB) during a meeting chaired by Chief Minister YS Jagan Mohan Reddy approved investment proposals to the tune of Rs 19,037 crore. If realised, these projects will create 69,565 direct and indirect jobs.
One of the big ticket investment proposals that received the SIPB nod was that of Coastal Andhra Power Ltd (Reliance Power) to convert its thermal power unit at Krishnapatnam in Nellore district into a green hydrogen and ammonia unit with an investment of Rs 6,174 crore. The unit could provide 600 jobs directly and 2,000 indirectly. Pepper Motion has proposed to establish a manufacturing unit of electric buses with an investment of Rs 4,640 crore at Punganur in Chittoor district, creating 8,080 jobs.
The proposal of Sreyas Industries to set up a unit at Ranasthalam in Srikakulam district with an investment of Rs 1,750 crore was also approved. The unit could create 2,000 direct and 500 indirect jobs. The Board also gave its approval to Andhra Paper Limited to expand its unit at Kadiyam in East Godavari district with an investment of Rs 4,000 crore. The expansion could provide jobs to 3,000 people.
Speaking on the occasion, the Chief Minister directed officials to stay updated on emerging trends and revolutionary changes taking place across the world in the industrial sector and accordingly make necessary changes to the industrial policy of the State.
Pointing out that the State has topped in the Ease of Doing Business (EoDB) index because of the utmost transparency in the implementation of industrial policies, Jagan instructed officials to ensure AP continues to stand on the top by creating more favourable conditions for investors so that more industries could be established.
He emphasised that steps to translate MoUs (Memoranda of Understanding) signed at the Visakhapatnam Global Investors Summit into reality should be expedited. Jagan also asked officials to keep up the momentum in handholding MSMEs (Micro, Small and Medium Enterprises) and supporting them at every step as many people are dependent on them.