SIPB clears Rs 19,037-cr investments

Vijayawada: The State Investment Promotion Board (SIPB), at its meeting presided by Chief Minister YS Jagan Mohan Reddy here on Monday, approved the investment proposals to a tune of Rs 19,037crore with an employment potential of about 69,565. The Chief Minister directed officials to get updated with the emerging trends and revolutionary changes taking place across the world in the industrial sector and bring in necessary changes in the industrial policy of the State.

“With utmost transparency in the implementation of industrial policies, we stood first in the EoDB (Ease of Doing Business). We shall continue the journey by creating more favourable conditions for the investors so that more industries would be established,” he said. Despite speedy clearances and giving the assurance that we are just a phone call away in solving problems of investors and industrialists, there is a need to expedite the licensing and clearance procedures for ensuring quick industrial growth, he said, adding that the steps to translate the MoUs signed at the Visakhapatnam GIS into reality should be expedited.

The Chief Minister also asked the officials to keep up the momentum in handholding the MSMEs and supporting them at every step as many people are dependent on them.

The proposals approved include, Pepper Motion which would establish a manufacturing unit of electric buses with an investment of Rs 4,640 crore at Punganur in Chittoor district. It will have an employment potential of 8,080.

This apart, JSW would set up an industrial park at S Kota in Vizianagaram district with an investment of Rs 531 crore providing direct and indirect jobs to 35,750 and 9,375 respectively.

In the same way, Sreyas Industries Ltd would set up its unit at Ranasthalam in Srikakulam district with an investment of Rs 1,750 crore having direct and indirect employment potential of 2,000 and 500 respectively.

Substrate India Manufacturing Pvt. Ltd proposal to invest Rs 166 crore to launch its AI electronic product manufacturing unit at Atchutapuram SEZ in Anakapalle district providing jobs to 5000 persons got the nod.

Coastal Andhra Power Ltd (Reliance Power) would change its thermal power unit at Krishnapatnam in Nellore District into a Green Hydrogen and Green Ammonia unit with an investment of Rs 6,174 crore. It has the potential to provide direct and indirect employment to 600 and 2,000 persons respectively.

Andhra Paper Ltd proposal to expand its unit at Kadiyam in East Godavari district with an investment of Rs 4,000 crore and employment potential of 3,000 was also cleared by the Board.

The Board also cleared the proposal of ATC Tires which will expand its unit at Atchutapuram SEZ with an investment of Rs 679crore and employment potential of 300.

In the same way Electro Steel Casting Ltd will expand its unit at Srikalahasti in Tirupati district with an investment of Rs 933 crore and employment potential of 2,100.

Sri Venkateswara Bio Tech would establish its unit at Kommuru in Eluru district investing Rs 114 crore and providing jobs to 310 persons. Besides, Orill Food Pvt Ltd would establish its unit at Maddi in Visakhapatnam district with an investment of Rs 50 crore. It will provide employment to 550 persons.

Energy and Environment Minister P Ramachandra Reddy, Finance Minister B Rajendranath and other senior officials were present.