Andhra Pradesh secures investment commitments at CII summit in Visakhapatnam
The state has attracted investment pledges of Rs 9.98 trillion during the two-day Confederation of Indian Industry summit.
The Andhra Pradesh government secured investment commitments of Rs 9.98 trillion during the two-day Confederation of Indian Industry (CII) Partnership Summit in Visakhapatnam, according to reports by Rediff and Business Standard. This brings the total investment intent since the Telugu Desam Party government took office in June 2024 to Rs 32.3 trillion.
On Friday, Minister for Education, IT and Electronics Nara Lokesh signed deals with 24 companies involving Rs 1.05 trillion. These agreements are expected to create approximately 75,055 jobs. Major projects include a Rs 31,387 crore integrated AI data centre by AM AI Factory Ltd and a Rs 37,000 crore hyperscale data centre by Panchshil Realty.
Other deals include a Rs 10,000 crore investment by Waaree Energies, a Rs 4,270 crore project by Smax Digitech India Ltd for the AP Sports Village, Rs 2,000 crore from Archean Group and Rs 450 crore from AIL Dixon Technologies. Lokesh stated the government aims to make Visakhapatnam an economic powerhouse and plans to set up India's first 156-qubit quantum computer in Amaravati.
Chief Minister N. Chandrababu Naidu said the government will implement an Investment Protection Act with retrospective effect from 2024. He noted the law is expected to be passed during the next Legislative Assembly session.
Naidu said the government would provide real-time clearances based on self-certification to encourage investors and ensure their capital is safe during regime changes.