Andhra CM Naidu inaugurates 5 units in Sri City, approves 12 more projects

Andhra Pradesh Chief Minister N Chandrababu Naidu on Saturday virtually inaugurated five industrial units in Sri City, and witnessed the signing of agreements for 12 more projects worth over Rs 2,300 crore at the 30th CII Partnership Summit here.

The upcoming projects spanning the sectors of engineering, food processing and pharmaceuticals are expected to generate 12,365 jobs.

Chief Minister Chandrababu Naidu virtually inaugurated five units in Sri City and agreements were signed for 12 more projects with an investment of Rs 2,320 crore, said an official press release.

Addressing the ceremony, the Chief Minister said Sri City is the best industrial township in the country, where Daikin, Isuzu, Cadbury and other companies make and supply their products to the world.

Industries from various countries should come to Sri City. We have approved investments worth Rs 8.8 lakh crore for healthcare, engineering, electronics, automobile and medical device companies from Belgium, Japan, UK, Germany, Australia and others, said Naidu.

Very soon, he said 6,000 acres will be made available to Sri City and firms from more than 50 countries will operate from there.

Promising to build an air strip near Sri City, the CM said it will emerge as a model for development with 1.5 lakh people working from there soon.

Located in Tirupati district, Sri City houses a multiproduct Special Economic Zone (SEZ), Domestic Tariff Zone (DTZ), Free Trade & Warehousing Zone (FTWZ) and an electronics manufacturing cluster.

Further, Naidu exhorted that the southern state is arranging escrow accounts for the first time in the country' as part of industrial incentives.