AP State Investment Promotion Board approves proposals for Rs 1,26,000-cr projects
Chief Minister YS Jagan Mohan Reddy chaired the meeting and asserted that Andhra Pradesh is a role model to the nation in the green energy space.
Published: 06th September 2022 06:00 AM | Last Updated: 06th September 2022 06:00 AM | A+A A-
VIJAYAWADA: The State Investment Promotion Board (SIPB) on Monday approved investment proposals to the tune of Rs 1,26,748 crore that would create over 40,330 employment opportunities over the next seven years. Of the total investments, the Board approved proposals worth Rs 81,000 crore in the green energy sector to generate above 17,000 MW of power.
Chief Minister YS Jagan Mohan Reddy chaired the meeting and asserted that Andhra Pradesh is a role model to the nation in the green energy space.“Green energy would change the face of the State’s economy and provide jobs to youngsters. It would also help farmers to increase their productivity and revenue. Major industries are coming forward in this direction,” he noted.
Causis E-Mobility’s proposal to invest Rs 386.23 crore in the State was approved. The firm will invest Rs 286.23 crore to establish a unit for manufacturing electric buses at Kopparthi in YSR district. It will invest the remaining Rs 100 crore for basic charging facilities.
In the first phase, the company has proposed to manufacture 1,000 electric buses using modern technology and offer over 1,200 jobs. Lyfius Pharma would invest a total of Rs 1,900 crore and provide 2,000 jobs. The unit, which would be ready by April 2024, would work towards reducing dependency on China for APIs (Active ingredients in a pharmaceutical drug). The government has allocated 236.37 acres to the company.
Inosol Solar Private Limited would invest Rs 43,143 crore in three phases to manufacture metallurgical grade silicon, poly silicon, float glass and other products and provide 11,500 direct jobs and 11,000 indirect jobs.The plant will come up at Ramayapatnam near Nellore in 5,147 acres. The company will also set up solar power projects of 50 GW and 10 GW.
In Krishna, Avisa Foods would invest Rs 150 crore for its unit at Mallappally Mega Food Park and provide 2,500 jobs. The company will start its operations from March 2023 in 11.64 acres.The Board has approved six green energy projects, aggregating Rs 81,043 crore, that would provide jobs to 20,130 people.
At Vongimalla in Kadapa, Astha Green Energy would invest Rs 8,240 crore for an 1,800 MW hydro storage power plant in 1,390 acres and provide employment to 4,000 people. The project is likely to be completed by December 2029.SIPB has approved the proposal of Shirdi Sai Electricals Limited to set up two pumped hydro storage power projects at Somasila and Erravaram.
The two projects — 900 MW and 1,200 MW — will be established with a cost Rs 8,855 crore. They will be ready by 2029 and provide 1,600 jobs. Aurobindo Group’s proposal to establish pumped hydro storage projects at Owk and Singanamala, each of 800 MW, with an investment of Rs 6,315 crore was approved as well. The projects will be completed by December 2028 and offer 1,600 jobs.
At Paidipalem in Kadapa district, Indo Sol Solar would invest Rs 33,033 crore for generation of 7,200 MW power through pumped hydro, solar and wind projects.AM Green Energy Private Limited would invest Rs 5,000 crore for 700 MW solar and 300 MW wind power projects at Kurnool and Nandyal districts, respectively.
Greenko would invest Rs 19,600 crore in pumped storage (1680 MW), solar (2300 MW), and wind power (250MW) and provide employment to 4,230 people. Deputy Chief Minister B Mutyala Naidu, Ministers Buggana Rajendranath, Peddireddy Ramachandra Reddy, G Amarnath, A Suresh and G Jayaram, Chief Secretary Sameer Sharma and other officials were present in the meeting.