AP: SIPB approves investments worth Rs 1.14 lakh cr, Google subsidiary to invest Rs 87k crore

Amaravati, Oct 8 (PTI) The Andhra Pradesh SIPB on Wednesday approved 30 investments worth Rs 1.14 lakh crore, including a Rs 87,000 crore proposal from a Google subsidiary touted as India's "highest ever FDI," officials said.

The 11th State Investment Promotion Board (SIPB) meeting headed by Chief Minister N Chandrababu Naidu approved the investments spanning IT, fuel, tourism, aerospace, food processing and other sectors, and are expected to fetch 67,000 jobs, they added.

"The 11th State Investment Promotion Board (SIPB) meeting approved investments worth Rs 1.14 lakh crore," said an official press release. Raiden Infotech India Ltd's Rs 87,520 crore investment is among those approved and this is "highest ever FDI in the country", the press release said.

Raiden Infotech India Ltd is a subsidiary of tech giant Google and it will establish "India's largest data centre in Visakhapatnam", developing three campuses across Tarluvada, Adavivaram, and Rambilli, it said.

Commenting on these investment approvals, the CM noted that the efforts put forth over the past 15 months to attract investors were paying off.

Naidu noted that the project would lay the foundation for a strong technology ecosystem and accelerate technological development in the region.

IT Minister Nara Lokesh said the proposed data centre will position Visakhapatnam as a "Data Valley" and will aim to create job opportunities for five lakh people.

Naidu emphasised the need to establish a special economic corridor to drive industrial growth in the Rayalaseema region.

He announced that the Visakhapatnam Economic Region will include Srikakulam and East Godavari districts while the Amaravati Economic Region will cover West Godavari and Prakasam districts, and a third economic region will span Nellore and the Rayalaseema districts.

He directed officials to prepare a comprehensive master plan to enhance infrastructure in line with rapid industrial growth, including better connectivity to industrial zones.

The CM also instructed the Industries Department to fast-track work on the Jindal Steel Plant and ensure its completion by 2028.

During the meeting, a decision was taken to assign special officers for large projects to shoulder the responsibility of grounding them.

In 11 SIPB meetings, the southern state has approved investments worth over Rs 7 lakh crore, which can generate 6.2 lakh jobs, the press release added. PTI STH SA