CM Approved 5 New Proposals in SIPB meeting

The Chief Minister approved of 5 new proposals during a meeting with the Special Investment Promotion Board (SIPB), all of which will bring into the state, massive employment opportunities, especially in the textile industry.

There are 813 units across the state, in which civil work has commenced. 99 of them are ready for inauguration, 485 of them have gone into production and machinery has been erected in 54 of them.

According to SIPB’s report, all large and mega industrial projects in the state receive a total committed investment of ₹2,84,153 crore and a total committed employment of 4,34,161.

During the meeting held in his residence on Tuesday, the committee presented the five proposals for his perusal and approvals, and discussed the incentives that they collectively recommended.

The Chief Minister said that the incentives provided to the industries must remain liberally designed, so that Andhra Pradesh continues to welcome more industries to develop the state.

Toray Industries India Private Limited, a technical textile manufacturing company will be setting a unit across 109.35 acres in Sri City, Chittoor. Their investment amounts to ₹970 crore and they will provide direct employment for 130 people and indirect employment for 520 people. Their commercial production is expected to start in April 2020.

Page Industries Limited, an exclusive licensee for Jockey and Speedo, will establish a project for garment manufacturing and warehousing in Rapthadu, Ananthapur. Their investment is ₹129 crore, and have committed to generate direct employment for 6,420 people. Their project will start commercial production in October 2018, and the expected turnover in the financial year 2020-21 is ₹1,080 crore.

Rockman Industries Limited will set up a unit in Chittoor district, across 45 acres, and will be investing ₹652 crore. They specialize in aluminium alloy wheels and die casting components for two and four wheelers. The project will generate direct employment for 1,000 people and indirect employment of 500 people.

An IT firm, Conduent Inc., will be investing ₹649 crore for their project in Visakhapatnam. The project includes diversified business process services and generates direct employment for 5,000 people.

Gouttephone Technologies (P) Limited, an electronic manufacturing company, will set up a unit across 5 acres, for touch panel manufacturing, in Atchutapuram, Visakhapatnam. Their investment amounts to ₹504.07 crore, and they commit to employ (direct) 300 people.

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