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Andhra clears Rs 1.26-trn investment proposals to create direct employment

Andhra Pradesh on Monday approved various investment proposals worth Rs 1,26,748 crore that would create 40,330 direct employment over the next seven years

Andhra Pradesh | Employment in India | Investment proposals

Press Trust of India  |  Amaravati 

YS Jagan Mohan Reddy, Andhra Pradesh, jaganmohan reddy
File Photo of Andhra Pradesh CM YS Jagan Mohan Reddy. Source: PTI

The State Investment Promotion Board (SIPB), headed by Chief Minister Y S Jagan Mohan Reddy, on Monday approved various worth Rs 1,26,748 crore that would create 40,330 direct employment over the next seven years.

Of the total, Rs 81,000 crore would be invested on green energy projects that would generate 17,930 MW of power, the Chief Minister's Office said in a release. Besides, two other solar power plants with a total capacity of 60 GW are also proposed.

According to the release, the SIPB approved a proposal from Causis E-Mobility for an investment of Rs 386.23 crore on an electric bus-manufacturing unit at Kopparthy in YSR district.

The venture would create over 1,200 jobs.

The release said Lyfius Pharma would invest Rs 1,900 crore on its drug manufacturing unit in the Kakinada SEZ. For this, the State government allotted 236.37 acres of land. The unit would be ready by April 2024, providing employment to 2,000 people.

Inosol Solar Private Limited would set up its plant on a 5,147-acre site at Ramayapatnam in SPS Nellore district to manufacture metallurgical grade silicon, poly silicon, float glass and other products.

The company will invest Rs 43,143 crore in three phases and provide direct employment to 11,500 people and also create indirect employment for another 11,000. It will also set up solar power plants of 50 GigaWatt and 10 GigaWatt capacity, the CMO release said.

The SIPB also approved six green energy projects in YSR, Kurnool and Nandyal districts with an aggregate investment of Rs 81,043 crore.

The green energy plants include hydro storage and pumped hydro storage with a total capacity of 17,930 MW to be completed in phases by December 2029.

Deputy Chief Minister B Mutyala Naidu, Ministers P R C Reddy, Buggana Rajendranath, G Amarnath and top officials attended.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, September 05 2022. 20:38 IST