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Sri City emerges as gateway for 'Make in India' initiative
A view of integrated business city ‘Sri City’.
- It stands out as one of the ‘ten great places for manufacturing’ across the country and attracting foreign investments as well
- Offering a wide range of investment options, the investments so far reached close to $4 billion
- With over 200 companies from 28 countries it becomes a gateway for investment in diverse sectors
Tirupati: The integrated business city 'Sri City' has been giving a boost to creation of jobs and getting the economy on the fast track. Established in August 2008, it has grown as one of the largest corporate destinations in the country and stands out as one of the 'ten great places for manufacturing' across the country having the potential to attract investments from abroad. With investments close to 4 billion USD and exports above 2 billion USD, it offers a wide range of investment options.
Being the 'home' for numerous multinational and Indian manufacturing industries, Sri City stands out as a true manifestation of the 'Make in India' campaign, in diverse industries. Generating gainful employment for over 50,000 people, it aims to create one lakh more job opportunities during the coming five years.
Spread over 7,500-acres, it has become a unique gateway for investments in diverse sectors. As of now, over 200 companies from 28 countries have invested in Sri City, representing diverse portfolios such as automotive, locomotives, electronics, engineering, pharmaceuticals, FMCG, food processing, warehousing, etc.,
It quickly rose to become the second-largest 'investment destination' for Japanese brands in the nation, with over 20 per cent of its clientele being Japanese. Most of the companies in Sri City meet the domestic as well as the demand from other countries. All of them are crucial to the 'Make in India' initiative and make a notable contribution to import substitution by greatly increasing exports. Hub for automotive industries with the presence of auto major original equipment manufacturers (OEMs) such as Isuzu, Kobelco Group and more than 22 automotive ancillary industries from Japan, South Africa, India, and Bahrain, there exists a strong ecosystem for the automobile sector in Sri City.
Isuzu India, which has invested approximately Rs 3500 crore on its plant has an installed capacity to make 50,000 units a year, exports vehicles to around 15-20 countries as part of its plans to make their plant as a hub of its global manufacturing operations.
he Taiwanese Foxconn Technology Group, the world's largest contract manufacturer, set up its subsidiary Rising Star Mobile company in Sri City. It has five production lines and produces nearly three phones per second for brands such as Xiaomi, Nokia, Gionee and others. It exports its products to the Middle East and African countries.
It has become a hub for engineering industries as well with the presence of major brands like, Astrotech Steels, Danieli, VRV, Bergen Pipe Supports, Thermax, Rudra Magnets, IMOP, Joneja Bright, Koncept Polypro, MMD, Paques and many others. It has been fast emerging as a hub for FMCGs too. US beverage and food maker PepsiCo set up its largest factory here at an investment of Rs 1,200 crore.
With the presence of several major companies, renowned institutions of higher learning like Krea University and IIIT among others, the region draws the attention of the entire country now. Founder managing director of Sri City Dr Ravindra Sannareddy said being the current focal point of economic evolution and high yield of investment in Bengaluru-Chennai and Visakhapatnam-Chennai industrial corridors, Sri City stands out as one of the best places for long term development and growth.
In line with the 'Make in India' policy, Sri City has emerged as a highly recommended investment destination for leading investors worldwide, boosting local manufacturing, which, in turn, gives a boost to job opportunities and gets the economy of state and region on the fast track, he averred.
