Sri City looks to attract more investors

This fiscal, 7 new customers signed MoUs, committing total investments of `1,158 cr

Visakhapatnam: A top official of Andhra Pradesh Industrial Infrastructure Corporation has expressed satisfaction over progress in promoting business opportunities at Sri City.

During his maiden visit after taking over as the Vice-Chairman-cum-Managing Director of APIIC Raveen Kumar Reddy said nearly 190 industries had already invested in Sri City, an integrated business city developed at Tada in Chittoor district on the southern end of Andhra Pradesh and55 km north of Chennai.

With robust infrastructure in one of the backward regions of the State, Sri City is spread over an area of 100 sq km with a Special Economic Zone, a Domestic Tariff Zone, Free Trade Warehousing Zone and an Electronic Manufacturing Cluster (EMC).

The FTWZ primarily caters to companies dealing in imports and re-exports, packaging, warehousing and distribution in the local markets. In line with the 'Make in India' and 'Make in AP', the dream campaigns of the Central and State, Sri City had emerged as one of the best global manufacturing hubs in the country, a spokesperson for the integrated business city told Bizz Buzz.

During the year, seven new customers signed MoUs, at a committed total investment worth Rs. 1,158 crore and have scope to offer employment to over 2,378 people.

The management is confident of attracting more investors once curbs on foreign travel are removed following success of Covid vaccine.

Reddy said during the visit on Sunday that the business city had created world-class facilities. He said facilities had been created on par with international benchmarking. Appreciating the initiatives taken by Sri City management in developing such a mega industrial park in a backward region, he expressed happiness that many more were showing interest to invest in the area.

He reviewed the status of land related issues and listened to the suggestions made for improving the 'ease of doing business'. The official went round the campus and observed the blooming industrial activity. He visited the production unit of Everton Tea. Ravindra Sannareddy, Founder Managing Director, Sri City, accorded a warm welcome and gave him a detailed presentation on the world-class integrated business city.

Thanking APIIC MD for visiting Sri City, Sannareddy reminisced about the guidance and suggestions given by him during his tenure in the Industries Department in the formative phase of Sri City. Highlighting its unique features, he summarised the impact of Sri City on the economic development of the region, which was considered 'backward' till recent past.

Kazumi Ikarashi, MD, Prime Median Limited, a Japanese manufacturing company of electrical equipment, which is keen to invest in the State, accompanied the MD of APIIC and evinced keen interest in knowing more about Sri City.