Andhra Pradesh Greenlights Massive Investment to Boost Job Creation

Andhra Pradesh Chief Minister N Chandrababu Naidu announced that the State Investment Promotion Board has approved investments worth Rs 85,000 crore to foster the creation of 34,000 jobs. The significant projects include a joint venture steel plant by Arcelormittal & Nippon Steel and other notable investments like LG Electronics India.

In a strategic move to bolster the economy, Andhra Pradesh Chief Minister N Chandrababu Naidu revealed that the State Investment Promotion Board (SIPB) has sanctioned investments totaling Rs 85,000 crore, aiming to generate 34,000 jobs.

The announcement came after the first SIPB meeting on November 19, where ten significant investments were cleared. Among these, a substantial Rs 61,780-crore joint venture by Arcelormittal & Nippon Steel will establish an integrated steel plant with a captive port at Bangarayyapeta near Nakkapalli.

Other investments include LG Electronics India Pvt Ltd's Rs 5,001-crore venture and contributions from Kalyani Strategy Systems Ltd and Philips Carbon Black. The chief minister emphasized the need for vigilance in a highly competitive environment among states vying for investments.

(With inputs from agencies.)