The Andhra Pradesh State Investment Promotion Board (SIPB), chaired by Chief Minister Chandrababu Naidu, on November 19, approved new investments worth Rs 85,083 crore. These investments are expected to create 33,966 jobs.

At the meeting, the SIPB cleared proposals for launching 10 heavy industries, which include ArcelorMittal and Nippon Steels, which will establish an integrated steel plant (including capital port) at Bagaraiahpeta near JV Nakkapalli. This company initially will invest Rs 61,780 crore and provide employment to 21,000 people.

LG Electronics India Pvt Limited will invest Rs 5,001 crore and generate 1495 jobs, while Kalyani Strategies System Limited will be setting up its plant at a cost of Rs 1,430 crore and provide 565 jobs. Phillips Carbon Black Limited will provide 200 jobs with an investment of Rs 3,798 crore and Azad India Mobility Limited with an investment of Rs 1046 crore will to give employment to 2,381 persons.

Speaking on the occasion, minister and chairman of the cabinet committee of job creation Nara Lokesh said, “I’m very happy that we will be paving the way for creation of over 34,000 jobs in our very first SIPB meeting chaired by the Hon’ble CM. This is just the beginning. We will see many more in the coming days.”

As per data from the industries department, in the last five years, during the YSRCP era, projects worth 1.93 lakh crore were approved by the SIPB, with job creation for 1.36 lakh people.