SIPB approves Rs 50 cr investment proposal in Visakhapatnam

The State Investment Promotion Board (SIPB) of Andhra Pradesh, in its inaugural meeting led by Chief Minister N Chandrababu Naidu, approved an investment of Rs 85,083 crore, expected to generate 33,966 jobs in the State. Of these, one key investment proposal in Visakhapatnam was approved.

The SIPB approved several major projects, including 10 heavy industries. Among them, Dallas Technology Center LLP committed to an investment of Rs 50 crore and the creation of 2,000 jobs in Visakhapatnam.

Another standout initiative is the ArcelorMittal-Nippon Steels project, set to establish an integrated steel plant at Bagaraiahpeta near JV Nakkapalli, with an initial investment of Rs 61,780 crore, projected to create 21,000 jobs.

Other significant projects include LG Electronics India Pvt Ltd, which plans to invest Rs 5,001 crore and create 1,495 jobs, Kalyani Strategies System Ltd with an investment of Rs 1,430 crore generating 565 jobs, Phillips Carbon Black Ltd committing Rs 3,798 crore to provide 200 jobs, and Azad India Mobility Ltd investing Rs 1,046 crore in creating 2,381 employment opportunities.

This marks a major milestone in advancing the state’s industrial growth while addressing unemployment. The meeting reviewed proposed investments from the last five months and assessed the progress of various Memoranda of Understanding (MoUs) signed with different companies.

During the meeting, Chandrababu Naidu emphasized the importance of attracting investments amidst stiff competition from other states. He criticized the policies of the previous administration, alleging they drove investors away and stunted growth.

The Chief Minister stressed that investors should be treated with respect and provided full support to ensure projects materialize. He directed officials to track every potential investment until it is fully realized and highlighted the need for efficient handling of incentives. He pointed out that the earlier TDP government had disbursed Rs 3,883 crore in incentives compared to just Rs 1,961 crore under the previous administration. Additionally, he urged officials to address the welfare of landowners who contribute land for industrial projects.

Read also- CM moots toll on State roads

Stay tuned to Yo! Vizag website and Instagram for more city and news updates.