From Our Correspondent
Visakhapatnam: Chief Minister N. Chandrababu Naidu on Saturday announced the allotment of 6,000 acres to expand Sri City into a world-class international industrial hub. Speaking at the closing session of the 30th CII Partnership Summit at Andhra University Grounds, the Chief Minister virtually inaugurated five industrial units in Sri City and laid the foundation stone for three major projects of the Raymond Group.
He also witnessed the signing of MoUs with 12 companies that will set up operations in Sri City with a combined investment of ₹2,320 crore, generating employment for 12,365 people across engineering, food processing and pharma sectors.
Naidu said Andhra Pradesh secured ₹13 lakh crore in investments over the two-day summit and ₹22 lakh crore in the last 18 months. He said Sri City is emerging as a global industrial base with companies from 50 countries expected to operate from the region, creating opportunities for 1.5 lakh youth.
He added that efforts were underway to develop an airstrip near Sri City and noted that AP is the first state in India to offer Escrow accounts and sovereign guarantees to industries investing in the state. “We will develop Sri City into India’s best industrial hub by 2028,” Naidu assured.
Rayalaseema Rising as an Industrial Cluster
Highlighting rapid industrialisation in Rayalaseema, Naidu said the successful KIA Motors plant has spurred new investments. The Raymond Group has proposed an auto components plant near the KIA factory and will set up three units with a combined investment of ₹1,201 crore, generating 6,500 jobs.
The Raymond MoUs cover:
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Silver Spark Apparel Park – ₹497 crore (Ratadu)
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JK Maini Global Precision Ltd – Auto components unit (Gudipalle)
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JK Maini Global Aerospace Ltd – Aerospace components unit (Tekulodu)
Raymond Group CEO Gautam Maini thanked the Chief Minister for fast-track clearances and applauded AP’s industry-friendly governance. He said the group was keen to expand into aerospace and defence sectors in the state.