Sri City to get 6,000 acres for expansion as a model global hub

Andhra Pradesh Chief Minister N. Chandrababu on Saturday announced allotment of six thousand acres of land to develop Sri City as a model international industrial hub. Participating as chief guest on concluding day of 30th CII partnership summit at Andhra University grounds here, the Chief Minister virtually laid foundations for Raymond projects and inaugurated five projects in Sri City.

He also participated in signing MoUs with several companies, which came forward to set up their units in Sri city.

Speaking on the occasion, Naidu said that Andhra Pradesh attracted investments to a tune of Rs.13 lakh crore in the past two days. He said in 18 months the State attracted investments to a tune of Rs.22 lakh crore.

He said companies of fifty countries are going to function from Sri city providing employment opportunity to 1.5 lakh youth. He said efforts are on to develop airstrip near Sri City.

The Chief Minister said for the first time in the country Andhra Pradesh Government announced opening Escrow accounts and provide sovereign guarantee to companies which come forward to invest in Andhra Pradesh. He assured to develop Sri City as best industrial hub by 2028.

Naidu said that Rayalaseema is marching ahead in industrial growth. He said Kia company set up cars factory and the state government determined to develop Done city, space city, aerospace and defence corridor in the region.

He said the Raymonds came forward to set up auto component manufacturing plant near Kia factory. The group came forward to set up three companies at a cost of Rs.1201 crore providing employment opportunity to 6,500 youth.

Thanking the Chief Minister Naidu for his cooperation the Raymond company group CEO Goutam Maini expressed happiness over getting permissions quickly in Andhra Pradesh.

Hailing the industry-friendly policies, he said that their group came forward to invest in aerospace, defence sectors.

Raymonds Group signed MoUs for three projects with an investment of Rs.1201 crore including Silver Spark apparel park, JK Maini Global Precision Limited and JK Maini Global Aerospace Limited.

The apparel manufacturing unit will come up in Rattadu at a cost of Rs.497 crore, auto component manufacturing unit in Gudipalle, and aerospace components unit in Tekulodu village.

With regards to Sri city 12 companies signed MoUs with government to set up companies with an investment of Rs.2,320 crore. The MoUs include in Engineering, food processing, Pharma and provide employment opportunities to 12,365 youth.