VIJAYAWADA: A major industrial development is set to take shape in Rayalaseema as Minister for HRD and IT Nara Lokesh will lay the foundation stone for a new manufacturing unit of LG Electronics in Sri City on Thursday. The global home appliances giant is investing Rs 5,001 crore to establish the facility.
The initiative began with a meeting between Lokesh and LG’s Japan-based representatives in September 2024. He highlighted the investor-friendly policies of Andhra Pradesh, the State’s vision to transform Rayalaseema into an electronics manufacturing hub, and the steps taken to ensure ease of doing business. Impressed by the facilities, LG chose Andhra Pradesh for its expansion.
The new unit will manufacture refrigerators, washing machines, air conditioners, and other electronic appliances. Importantly, LG will also locally produce key components such as compressors, motor compressors, and heat exchangers-strengthening the supply chain instead of relying on imports. This facility is expected to create 2,000 direct jobs over the next five years. In addition, five ancillary units, with a further investment of `839 crore, will provide additional employment opportunities.
During his Yuva Galam Padayatra, Lokesh witnessed the challenges faced by the educated youth migrating out of the State in search of jobs. He promised to generate 2 million jobs and reduce migration. Since coming to power, he has started working systematically to fulfil that commitment.
As Minister for IT and Electronics, and Chairman of the Employment Generation Sub-Committee, Lokesh has prioritised attracting investments and generating employment. Within just five months, his proactive efforts helped fast-track all approvals and incentives required for the LG unit to take off.
“In a State where investor confidence had been shaken due to five years of misrule, Lokesh has played a key role in rebuilding trust and bringing investors back. Under the leadership of Chief Minister N Chandrababu Naidu, Andhra Pradesh is being repositioned as a top destination for global investors,” said an analyst.