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Sri City soars in 2023: Investment boom, job surge, sustainability crown a record yr

From giants to startups, the vibrant integrated business township attracts diverse investors, fuels economic engine in 2023

Sri City soars in 2023: Investment boom, job surge, sustainability crown a record yr

Sri City, the vibrant integrated business township located in the southern State of Andhra Pradesh, made significant strides in 2023 in promoting economic growth, creating employment opportunities, and fostering sustainable development. Throughout the year, Sri City has continued to flourish as a leading industrial hub, attracting investors, and offering a conducive ecosystem for businesses to thrive.

Expressing satisfaction with the city's performance, Dr Ravindra Sannareddy, Founder Managing Director, Sri City, said, "2023 has been a transformative year for Sri City. We extend our gratitude to our esteemed partners and remain committed to sustainable growth, and sincerely acknowledge the support from state and central governments.” Highlighting the resilience and ingenuity of Sri City's companies, he said that despite several challenges, Sri City units have achieved remarkable growth.

Significant events

• The virtual participation of the Chief Minister of Andhra Pradesh YS Jagan Mohan Reddy in the groundbreaking ceremony of Mondelez's plant expansion, took place on July 25, a project worth Rs 1,600 crore, which will generate employment opportunities for over 500 individuals and benefitting more than 18,000 farmers.

• On March 3, at The Global Investors Summit (GIS)-2023, held in Visakhapatnam, Nitin Gadkari, Union Minister for Road Transport andHighways inaugurated the Sri City stall in the presence of AP CM and other dignitaries.

• On April 25, Union Minister of Tourism, Culture, and Development of North Eastern Region (DoNER) G Kishan Reddy visited Sri City and was impressed by its world-class infrastructure and investor-friendly atmosphere.

• On May 30, Gudivada Amarnath, Minister of Industries, Infrastructure, Investment and Commerce, inaugurated new production units of RSB Transmission and Adela Electricals.

• On November 23, Daikin India inaugurated its Rs1,000 crore plant, which is its third unit in India and largest in South East Asia, aligning with 'Make in India' and the Production Linked Incentive Scheme.

Investment boom, manufacturing prowess and new jobs: Sri City drives economic growth in 2023 with over Rs 9,000 crore in investments and more than 21,500 new jobs. This includes the agreements signed and the investments captured in the Global Investors Summit (GIS)-2023 held at Vizag.

Manufacturing Prowess: The industrial landscape of Sri City witnessed a flurry of construction and operationalisation activities. Six new companies (LG Polymers, Evershine Moulders, Oji India Packaging, NGC Transmission, Trinath Industries and Bombay Coated & Special Steels) are under Construction. Eighteen units (Daikin Air Conditioning, Havells, Triune Technofab, Axxelent Pharma, Blue Star, THK, NGC Transmission, Airmaster, Epack Durables, Kimberley, RSB Transmission, Amber, Adela Electricals, Neemrana Steel Service, Bell Flavors& Fragrances GmbH, Autodata, JGI Metal Converters and EssKay Components) commenced full-fledged operations, further bolstering Sri City's reputation as a top manufacturing destination. Established giants like VRV Chart Industries, Zen Linen, Parkson Packaging, Toray, Alstom, Mondelez and Hamilton expanded their facilities, demonstrating their unwavering confidence in Sri City.

Emerging as the ‘Cool Capital’ of India: A particularly noteworthy development was the emergence of Sri City as the undisputed air conditioner manufacturing hub of India. Major players like Daikin, Blue Star, Amber, EPACK Durable, and Havells set up shop, boosting domestic production and reducing reliance on imports. Additionally, the presence of numerous supply chain companies for these manufacturers further strengthens Sri City's position as a leading center for air conditioner production. This not only strengthened India's manufacturing prowess but also ushered in a refreshing wave of cool air for the country.

Distinguished visitors &large delegations: The preference for Sri City as a potential destination for future investments is evident from the visits of Consul Generals and high-ranking officials from the Republic of Korea, Sri Lanka, Japan, the United Kingdom, the USA, and Malaysia. Additionally, multiple business delegations from Japan, guided by Osaka Chamber of Commerce and JETRO, and from Estonia further underscore this inclination.

A number of high-ranking officials from both the Central and State Governments have visited and engaged with the CEOs/CXOs of various industries as part of the proactive industrial policies and drive to enhance the ease of doing business pursued by the governments.

Notable visitors included Indian steel tycoon Sajjan Jindal, Chairman and Managing Director of JSW Group; Dr Satheesh Reddy, Scientific Advisor to the Defence Minister; and Kommineni Srinivasa Rao, Chairman of the AP Press Academy and a senior journalist, among others. Delegations from Stanford University, the University of Göttingen, and the sixth Jagriti Yatra appreciated Sri City's role in India's manufacturing and job creation goals.

Batches of trainee IAS & IPS officers and government and business delegations from other states have visited to study the implementation model of Sri City as an integrated business city.

Sustainability Champion: Sri City's unwavering commitment to environmental stewardship garnered international acclaim. Its dedication to green practices, evident in its infrastructure development and innovative initiatives, earned it the prestigious title of ‘India's most innovative sustainability project of the year’. This recognition cemented Sri City's position as a global leader in sustainable development, offering a blueprint for environmentally conscious growth.

Atmanirbhar Sri City: Initiatives focused on achieving self-sufficiency in housing, social infrastructure, and sustainable practices. Proactive measures during the Michaung cyclone ensured Sri City operated near-normally, earning recognition for disaster preparedness.

Thought leadership: Beyond internal progress, Sri City actively engaged with the larger world. Dr Ravindra Sannareddy, the city's Founder Managing Director, championed sustainable development on international platforms like the India-Japan Business Cooperation Committee, showcasing Sri City's commitment to a balanced future. The city also played a pivotal role in organising and sponsoring the Green Building Congress-2023, further solidifying its reputation as a champion of green initiatives.

Accolades and recognitions: The following awards and achievements showcase Sri City's commitment to leadership, sustainability, and innovation in the business world: Economic Time’s ‘Most Promising Business Leaders of Asia’ award to Dr Ravindra Sannareddy, Founder Managing Director of Sri City, Times Group's Economic Times Edge‘s ‘Iconic Brand of India-2023’ Award, fDi Intelligence’s ‘top-performing Global Free Zone of the Year (GFZ)’ award, and Business World‘s India's Most Innovative Sustainability Project of the Year recognition. Several industrial units, including Siddhartha Logistics FTWZ, Blue Star, Isuzu Motors, BeRolleX, VRV Asia Pacific, Rotolok, and Val-met Engineering, NovaAir, Hunter Douglas, etc., have received recognitions, emphasising their contribution to ‘Make in India’.

Corporate Social Responsibility (CSR): Some of industrial units, viz., Sri City Japanese Companies Association (SJCA), THK, Hunter Douglas, IMOP, Daiki Aluminium, Kellogg's, IFF, Mondelez, ISUZU, NS Instruments, Bergen Pipe Supports, Everton etc., have invested over Rs3.6 crore in CSR projects, focusing on education, healthcare, and community improvement. Sri City Foundation organised blood donation camps and other initiatives demonstrated a commitment to improving community lives.

Meetings, seminars, and miscellany: Various events, including marathons, International Women's Day, World Environment Day, and seminars, highlighted Sri City's engagement with the community.

Beyond business: Fostering a vibrant community: Sri City's success wasn't solely measured in economic indicators. The year saw the blossoming of a vibrant community, nurtured by a diverse tapestry of cultural and literary events hosted by Srivani, the city's spiritual and literary forum. From soulful bhajans to captivating performances, from thought-provoking literary discussions to enriching yoga sessions, Srivani fostered a space for connection and creativity, enriching the lives of residents and visitors alike.

Dr SaikrishnaYachendra's 'Sangeetha Geyadhara', literary-musical programme depicting Annamaiah as a social reformer, UgadiPuraskarams, Annual ceremony of Sri Prasanna Venkateswara Swamy and literary-musical programme on poetess MatrusreeTarigondaVengamamba, VaikunthaEkadasicel ration, are some of the important programmes organised by Srivani.

Going forward: As Sri City looks towards the future, it remains committed to its core values of growth, sustainability, and inclusivity. The city has ambitious plans to expand its industrial base, attract further investments, and create a thriving knowledge economy. With its unwavering focus on continuous improvement and innovation, Sri City is poised to shine even brighter in the years to come, establishing itself as a beacon of economic prosperity and sustainable development in India.

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