Andhra Pradesh secures ₹9.98 trillion in investment pledges at CII summit
The two-day summit in Visakhapatnam brought total investment intent since June 2024 to ₹32.3 trillion, according to Business Standard.
Andhra Pradesh attracted investment pledges worth ₹9.98 trillion during the two-day CII Partnership Summit in Visakhapatnam, according to Business Standard. This brings the total investment intent recorded since the Telugu Desam Party (TDP) government took office in June 2024 to ₹32.3 trillion.
On the second day of the meet on Friday, State Minister for Education, IT and Electronics Nara Lokesh signed deals with 24 companies. These agreements involve ₹1.05 trillion in investment and are expected to create approximately 75,055 jobs.
Major deals include a ₹37,000 crore hyperscale data centre by Panchshil Realty and a ₹31,387 crore integrated AI data centre project by AM AI Factory Ltd. Other significant MoUs involve Waaree Energies at ₹10,000 crore, Smax Digitech India Ltd at ₹4,270 crore, Archean Group at ₹2,000 crore, and AIL Dixon Technologies at ₹450 crore.
Lokesh stated the government has a roadmap for state development over the next two decades and aims to make Visakhapatnam an economic powerhouse. He noted that the state will set up India's first 156-qubit quantum computer in Amaravati.
The summit saw participation from representatives of more than 58 countries. Investors expressed interest in sectors including aerospace, semiconductor, healthcare, renewable energy, and electronics.
Lokesh invited companies to move their headquarters to the state, citing the coastline, connectivity, and talent as key advantages. He mentioned that LG Electronics and Google are among the companies investing in the state.