AP’s SIPB approves ₹85,000 crore investments

Andhra Pradesh State Investment Promotion Board (SIPB) has approved investment proposals worth ₹85,083 crore with a potential to create 33,966 jobs. Chief Minister, N Chandrababu Naidu chaired SIPB meeting held in Amaravati on Tuesday. The meeting cleared the proposals for setting up of 10 heavy industries including ArcelorMittal and Nippon Steels, which will establish an integrated steel plant (including capital port) at Bagaraiahpeta near JV Nakkapalli. This company initially will invest ₹61,780 crore to provide employment to 21,000 people.  The LG Electronics India Pvt Limited will invest ₹5,001 crore providing 1495 jobs, the Kalyani Strategies System Limited is setting up its plant with ₹1,430 crore providing 565 jobs, Phillips Carbon Black Limited to provide 200 jobs with an investment of ₹3,798 crore and Azad India Mobility Limited with an investment of ₹1046 crore to give employment to 2,381 people. Other investment proposals by several other companies were also cleared by SIPB, according to a release.