AP Signs Rs 3.65 Lakh Cr MoUs, Over 1.26 Lakh Jobs on Horizon

Andhra Pradesh, a day before the Confederation of Indian Industry (CII) Partnership Summit, made a bold investment to find out 35 MoUs across five priority sectors. In the presence of Chief Minister Nara Chandrababu Naidu, the deals were signed with a total investment of Rs 3.65 lakh crore and over 1.26 lakh jobs as the state’s benefit.

The energy industry was the main player with 7 MoUs of Rs 2.65 lakh crore. The companies ReNew Power, Navayuga Engineering, Chinta Green Energy, ABC Cleantech, and Axis Energy Ventures are involved in projects that will together create a workforce of over 49,000.

Industrial and commerce together had an investment of Rs 52,143 crore, which was second in line. Vizag Profiles Logistics, Steel Exchange India, Virupaksha Organics, and Shirdi Sai are the companies that will provide jobs for more than 32,000 people. APCRDA secured Rs 32,300 crore through 8 partnerships; the support of investors like Manipal Group, Berjaya Group, and Vivens Group is going to open approximately 7,800 jobs.

In the IT and infrastructure sector, Crown LNG and RCRT offered Rs 12,255 crore, a little above 1,300 jobs will be the result. The food processing industry has 4 MoUs of Rs 2,319 crore that are expected to bring in 8,166 jobs.

Chief Minister Naidu notably referred to the focused investment objective of Andhra Pradesh and declared that among others, the speed and efficiency were the business growth factors coming to the forefront. “Andhra’s good connections through its coastline, ports, rails, roads, and supportive policies makes it a preferable location for companies,” he proclaimed. In the moment of noting the area of company ReNew Power, he pointed out the regained investor trust of the government. The sectors highlighted by the government as priorities are: renewable energy, transportation, food manufacturing, agriculture, and tech-influenced projects like Space City, Drone City, and Electronic City.

Moreover, Balaji Action Buildwell Pvt Ltd made CSR-related contributions worth Rs 1 crore to State-administered Anna Canteens.

In a conversation with TNIE, Sumant Sinha, the Founder and CEO of ReNew Power, commented that the signing of MoUs is a step towards the company’s strategic expansion in Andhra Pradesh. “The quick and positive decision-making process coupled with the overall supportive environment in the State worked as a catalyst for our growth. One of the main advantages of the State is really very fast business facilitation process,” he detailed. He further mentioned that the projects which take six years to complete will bring about 10,000 direct and indirect jobs.

Sinha was also pointing to the Government of ReNew's intention to aid the establishment of the Green University by the State which mainly reflects the commitment towards sustainable development.