Andhra Pradesh converts 526 investment proposals since June 2024
The state has secured investments worth Rs 17.2 lakh crore with a projected employment potential of 19.3 lakh jobs.
Andhra Pradesh has successfully converted 526 out of 714 investment proposals received since June 2024, according to reports from The New Indian Express and The Hindu. These projects represent approximately Rs 17.2 lakh crore, which accounts for 76 per cent of the state's total Rs 22.6 lakh crore investment pipeline.
The converted projects are expected to create 19.3 lakh jobs. State authorities noted that 303 projects valued at Rs 7.1 lakh crore, capable of providing 7.7 lakh jobs, have already been grounded or are scheduled for grounding.
Major industrial projects include NTPC Green Energy’s Rs 1.85 lakh crore green hydrogen hub at Pudimadaka, AM/NS India’s Rs 1.36 lakh crore steel project at Nakkapalli, and BPCL’s Rs 96,862 crore refinery-cum-petrochemical complex at Ramayapatnam. Other ventures include a proposed Google AI hub in Visakhapatnam and a Rs 20,000 crore aviation hub by GMR at Bhogapuram.
The developments come ahead of the 31st CII Partnership Summit scheduled for November 12 and 13 in Visakhapatnam. The summit, co-chaired by Chief Minister N. Chandrababu Naidu and Union Commerce Minister Piyush Goyal, expects to sign over 160 MoUs involving investments exceeding Rs 11 lakh crore.
Union Home Minister Amit Shah will attend the inaugural session of the summit at the Andhra University Engineering College Grounds. The event will host over 3,800 delegates from 58 countries.