CM clears Investment proposals worth over USD 1.3 billion
In yet again a show of investor confidence and spurring industrial growth in the state, Andhra Pradesh’s chief minister Mr Jagan Mohan Reddy cleared investment proposals worth a whopping Rs 13,295 crores.
In a recently held meeting of the state investment promotion board (SIPB) the CM approved some big-ticket investments of the likes of JSW Neo Energy which received approval to establish a 1500 MW hydro storage power project with an investment of Rs 8,104 crore at Bakkannavari Palli of Vempally Mandal in YSR district.
The project is said to produce 3,314.93 million units of power annually and employ 1,500 individuals and work is scheduled to commence in December 2024.
Similarly, the CM gave his nod to a Hero Future Energies’ affiliated company, Clean Renewable Energy, which will establish a 225 MW solar unit at Kotapadu in Nandyala district, along with 150 MW wind power units at Boyala Uppuluru in Anantapur district and in Nandyal and YSR districts.
The company will invest Rs 2,450 crore and initiate the work in October 2023, completing the final phase in 2025. It will provide employment to 375 individuals.
The SIBP also approved CCL Food and Beverages to set up a unit at Krishnapalem near Atchtapuram in Visakhapatnam district with an investment of Rs 1,200 crore, employing 1800 individuals.
In addition, CCL Food and Beverages received approval for another project to establish a unit at Varadayapalem in Tirupati District.
This project will require an investment of Rs 400 crore, providing direct and indirect employment to 950 individuals and benefiting 2,500 coffee farmers.
The unit will produce 16,000 tons of coffee annually.
Gokul Agro Resources will establish an edible oil-making unit at Krishnapatnam in Nellore district with an investment of Rs 230 crore, employing 1200 individuals and benefiting 2500 farmers.
Gokul Agro will also establish a coco butter and powder-making unit at Sri City in Tirupati district with an investment of Rs 168 crore, providing direct employment to 250 individuals and indirect employment to 800 individuals. It will also benefit 3000 farmers.
Mr. Jagan continued to spur investments in the hospitality sector with the establishment of a hotel and resort in Annavaram, Visakhapatnam district, by May Fair Hotels and also Hayat Group’s proposal to establish Hayat International Hotel at Peruru near Tirupati was also approved by the SIPB.
The CM however directed officials to enforce the specially enacted law that mandates 75 percent of jobs to locals in private and government-sponsored industries in the State.
He stated that the implementation of the Act guaranteeing employment to locals must be monitored by the District Collectors, who are required to send reports every six months.
The Andhra Pradesh Employment of Local Candidates in the Industries Act’s implementation in all industries should be ensured by the officials, according to the Chief Minister, who emphasized the importance of garnering support from the locals for the smooth and efficient functioning of these industries.
Additionally, the CM directed officials to focus on developing desalinated water and supplying it to the new units to prevent future water scarcity for agriculture and drinking purposes, citing Israel’s desalination methods as an example to follow.
Furthermore, the CM asked the officials to ensure that companies pay the Minimum Support Price (MSP) to farmers when purchasing their crop produce.