The reconstituted State Investment Promotion Board (SIPB) of Andhra Pradesh today cleared two major industrial projects that would bring in a total investment of Rs 1,060 crore and generate 1,350 jobs.
Chief Minister and SIPB Chairman N Chandrababu Naidu chaired the meeting in which Tremag Alloys' proposal, for setting up a magnesium ingots manufacturing plant in the Kadapa Mega Industrial Park at an investment of Rs 660 crore, was cleared.
A release from the CMO said Tremag would commence phase one of its operations in November 2018 and the second phase in May 2019.
The plant will create 1,200 direct and 6,000 indirect employment, said the official release.
This is said to be the first such project in the country to use Pidgeon process to produce magnesium ingots that are used primarily in steel, auto and aviation industries, it said.
The SIPB also cleared Tata Chemicals Limited's Rs 400 crore investment proposal for a prebiotics manufacturing unit in SPS Nellore district.
The plant would be completed in two phases with production expected to begin on December 31, 2018, the CMO release said.
Tata will employ 150 persons directly in its plant.
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