Andhra SIPB clears projects worth ₹526 cr, to create about 9,000 jobs

The Andhra Pradesh SIPB, headed by Chief Minister N Chandrababu Naidu, on Friday approved 10 projects entailing an investment of over Rs 500 crore.

The IT and futuristic technology projects are expected to create nearly 9,000 jobs, according to a press release.

"State Investment Promotion Board met today and officially cleared 10 major IT and futuristic technology projects. The approved projects entail a total investment of Rs 526.25 crore and are projected to create 8,896 high-quality jobs across the state," it said.

The approved projects include a Rs 100 crore investment by Muthoot Fincorp Limited to establish an Integrated Hub for AI and Tech Training Centre in Visakhapatnam.

 

The SIPB approved a Rs 44 crore investment by Deloitte to set up a state-of-the-art operations centre with a capacity of 2,500 seats.

It approved a Rs 167 crore investment by Quantum Codon Pvt Ltd in Amaravati to establish an integrated quantum AI-driven biotechnology innovation campus for drug discovery research.

The project is expected to create 126 jobs.

"The state government remains firmly committed to transforming Andhra Pradesh into a powerhouse of cutting-edge technology. By bringing world-class investments in quantum computing, AI and IT services to Amaravati, Visakhapatnam and Kadapa, the administration is empowering local youth with futuristic employment opportunities," the press release said.

According to the state government, Visakhapatnam has gained major momentum with global firms receiving approval to establish large-scale operations and training centres in the port city.

"Major global brands like Deloitte and Muthoot Fincorp are expanding their footprints in Visakhapatnam with high-capacity seating operations," the press release said.

The release said Amaravati is set to emerge as a national hub for quantum computing, photonics and AI-driven biotechnology.