11 firms to set up Rs.1,215 crore units in Andhra's Sri City

Sri City, a leading integrated business city in Andhra Pradesh, said on Monday it has signed pacts with 11 companies, who will set up their units with an investment of Rs.1,215 crore.

The MoUs across multiple industries were signed during the CII Partnership Summit in this coastal city.

The proposed units are expected to create employment for over 4,000 people, Sri City said in a statement.

American multinational Colgate-Palmolive will invest Rs.450 crore to set up a unit for making tooth brushes, while Japanese auto major Isuzu, which already has a presence at SriCity, will make fresh investment of Rs.230 crore for body pressing shop.

Energy and environment engineering company Thermax will set up Rs.200 crore unit for manufacture of boilers and vapour absorption machines.

Solar panel manufacturre Vikarm Solar proposed to invest Rs.220 crore to set up its unit at SriCity.

Spread over 7,500 acres, SriCity is an integrated development consisting of a Multi-Product Special Economic Zone (SEZ), a Domestic Tariff Zone (DTZ) and Free Trade Warehousing Zone (FTWZ) along with various residential, lifestyle and leisure amenities.

Located in Chittoor district and 55 km north of Chennai, Sri City is well connected by road, rail networks and has access to four seaports and two international airports.

It has 108 companies from 26 countries which are either operational or under construction. These companies have committed an investment of over Rs.23,000 crores and employment to over 32,000 people.