Andhra SIPB approves investments worth over Rs 1 lakh crore

Amaravati, Nov 7 (PTI) Andhra Pradesh's 12th State Investment Promotion Board meeting led by Chief Minister N Chandrababu Naidu on Friday approved investments to the tune of over Rs 1 lakh crore.

These approvals spanning 26 industries have the potential to create 85,870 jobs.

"The 12th State Investment Promotion Board (SIPB) meeting led by Chief Minister N Chandrababu Naidu today approved investments to the tune of Rs 1,01,899 crore," said an official press release.

With the latest approvals, the state has so far attracted total investments to the tune of over Rs 8 lakh crore, 'providing employment opportunities to over 7 lakh people', said the press release.

The Chief Minister directed officials to ensure that these industries are grounded as per schedule. Naidu observed that 15 industrial zones should be formed in the state for cluster-wise industrial development.

He instructed officials to focus on utilizing Central Government incentives to promote industries.

Stressing the need for a land bank to promote industries, Nadiu noted that "if any one comes forward to offer their land to companies, officials should encourage them to pave the way for industrialisation." Calling for the development of Visakhapatnam as a mega city merging areas up to Vizianagaram and Anakapalli, Naidu said Amaravati and Tirupati should also be developed to promote tourism and IT.

The chief minister directed officials to make the forthcoming CII Partnership Summit at Visakhapatnam on November 14 and 15 a success. PTI STH ADB