Andhra Pradesh Signs 11 MoUs Worth Rs 1.40 Lakh Crore, Expected to Generate 10,472 Jobs
Andhra Pradesh has signed 11 Memoranda of Understanding (MoUs) worth Rs 1,40,705 crore, with an estimated employment potential of 10,472 jobs, as the state seeks to attract investments across manufacturing, renewable energy, ports and the space sector.
Amaravati: Andhra Pradesh has signed 11 Memoranda of Understanding (MoUs) worth Rs 1,40,705 crore, with an estimated employment potential of 10,472 jobs, as the state seeks to attract investments across manufacturing, renewable energy, ports and the space sector.
The state government has issued a Government Order (GO) for the expansion of Hindalco Industries with an investment of Rs 880 crore, which is expected to create 447 jobs. JSW Steels has proposed an investment of Rs 15,000 crore in the manufacturing sector, with the potential to generate 2,500 jobs.
In the space sector, Agnikul Cosmos and Hathor Rockets have proposed investments of Rs 510 crore and Rs 250 crore, respectively. The government has also earmarked 5,000 acres of land near Tirupati to promote space-related industries.
Indian Oil Corporation Limited (IOCL) and Greenzone Renewable Energy have proposed investments of Rs 6,600 crore and Rs 8,000 crore, respectively. Kakinada Seaports Limited has signed an MoU worth Rs 6,452 crore, which is expected to create 852 jobs.
As part of its education and social welfare initiatives, Hero MotoCorp has committed Rs 32.8 crore in scholarships for IIT students under the P4 initiative. ITC has partnered with the state government to support 100 villages, including the development of 15 model villages.
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The P4 initiative has so far extended support to 25,000 Bangaru Kutumbalu (Golden Families).
Chief Minister N. Chandrababu Naidu urged industries to focus on implementing projects within the stipulated time rather than limiting their efforts to signing MoUs. He also invited Indian Institutes of Technology (IITs) to use Andhra Pradesh as a hub for research and development.
Meanwhile, Andhra Pradesh has secured second position nationally in the Access to Equality Index, according to a report by O.P. Jindal Global University.
The latest investment proposals reflect the state’s efforts to strengthen its industrial ecosystem, attract major investments and expand employment opportunities.
