Jagan inaugurates ATC Tires unit in Anakapalle, says major firms looking towards AP

Anakapalle: Andhra Pradesh Chief Minister Y.S Jagan Mohan Reddy on Tuesday said the state is rapidly progressing towards industrialisation with major corporates looking towards Andhra Pradesh.

After inaugurating the first phase of the ATC Tires unit at the AP SEZ here on Tuesday, the Chief Minister said Japan-based Yokohama Company has started production in just 15 months and the second phase is likely to start by August 2023.

The company ranks fifth in the world and is likely to move to the third spot soon, Jagan said adding that such a company coming to AP is a happy sign.

In the first phase, the Japanese company invested Rs. 1,250 crores and is generating jobs for over 1,200 people. In the second phase, employment will be created for over 800 people, Jagan said. He added that in the past three years, investments worth Rs. 39,350 crores have come through 17 large-scale industries and 56 major industries will set up shop in the state in the next two years.

In the MSME sector, 31,671 industries are investing Rs. 8,285 crores. A revival package of Rs. 1,463 crores went to MSMEs, the CM said. Earlier, Adani was just a name but after YSRCP came to power both Adani and Ambani have been looking towards AP, he added. In all, 1.54 lakh crores are coming to AP as investments, creating employment for over 1.64 lakh people, he said.

Within two months, Adani Data Centre is coming up in Vizag and locals will get 75% of the jobs, Jagan said adding AP is the only state where three industrial corridors and nine shipping harbours are coming up.

In exports as well, the state is poised for a big leap from 2% to 10% of the national average. For three consecutive years, the state has been on top of the 'Ease of Doing Business' list, he added.