Investments worth Rs 85,000 cr cleared to create 34,000 jobs in state: Andhra CM Naidu

Amaravati: Andhra Pradesh Chief Minister N Chandrababu Naidu on Wednesday said that the State Investment Promotion Board (SIPB) has cleared investments worth Rs 85,000 to create 34,000 jobs.

Addressing the assembly, the chief minister noted that these investments were cleared in the first SIPB meeting held on November 19.

"Cleared over Rs 85,000 crore investments in the SIPB (meeting), which will generate 34,000 jobs," said Naidu, and added that the government will offer more incentives to companies which create more jobs.

As many as 10 investments were cleared, which includes Rs 61,780-crore joint venture between Arcelormittal & Nippon Steel at Bangarayyapeta near Nakkapalli to set up an integrated steel plant with a captive port.

A Rs 5,001-crore investment by LG Electronics India Pvt Ltd, Kalyani Strategy Systems Ltd (Rs 1,430 crore), Tafe Faurecia India Pvt Ltd (Rs 76 crore), Philips Carbon Black (Rs 3,798 crore) and Azad India Mobility India Ltd (Rs 1,046 crore), among others.

According to the CM, there is fierce competition among states over investments in the country and called on officials to handle this competition carefully to attract investments into Andhra Pradesh.

Inputs from PTI