Major Investment Projects Boost Andhra Pradesh Economy
The State Investment Promotion Board, led by Chief Minister N Chandrababu Naidu, has approved 15 investment projects worth Rs 44,776 crore, creating 19,580 jobs in Andhra Pradesh. Key projects include energy and infrastructure developments by Navayuga Engineering, MEIL, and others. Future big projects like ArcelorMittal are also anticipated.
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- India
The State Investment Promotion Board (SIPB) in Andhra Pradesh, under the leadership of Chief Minister N Chandrababu Naidu, has sanctioned 15 investment projects totaling Rs 44,776 crore. This ambitious move is set to generate approximately 19,580 jobs, thereby marking significant economic progress for the region.
Among the key ventures, Navayuga Engineering is launching a 1,500 MW and an 800 MW project in Alluri Sitarama Raju and Chittamvalasa districts. This will involve an investment of Rs 14,328 crore while creating 3,450 jobs. Meanwhile, Megha Engineering and Infrastructure Ltd (MEIL) plans a Rs 10,300 crore pumped storage project in Annamayya district, offering employment to 3,000 individuals.
Other notable projects include Anantapur Renewable Pvt Ltd's Rs 972 crore wind power initiative and Tata Power's Rs 2,000 crore solar plant. SIPB aims to enhance infrastructure further with the anticipated establishment of projects like the Rs 1.3 lakh crore ArcelorMittal steel plant and Rs 96,000 crore BPCL project within the next three months.
(With inputs from agencies.)
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