It’s raining investments at GIS 2023: Andhra Pradesh bags deals worth Rs 13L cr

Visakhapatnam: The Global Investors Summit 2023 (GIS 2023) that is being held in Visakhapatnam received 340 investment proposals worth over Rs. 13 lakh crores that will provide employment to around 6 lakh people across 20 sectors.

On the first day of the Global Investors Summit, “Advantage Andhra Pradesh – Where Abundance meets Prosperity,” Chief Minister Y.S. Jagan Mohan Reddy says it was a proud moment. The first day saw 64 companies sign MoUs with the state.

“On the first day, we signed 92 MoUs worth Rs. 11.8 lakh crores. India’s G20 leadership under Prime Minister Narendra Modi will be a defining moment for us. Andhra Pradesh has the potential to be one of the leading states in India. I urge all business leaders to participate and engage and explore the potential of various sectors in Andhra Pradesh. We assure you that we are one phone call away,” Jagan said.

Stating that Visakhapatnam will be the Executive Capital which will help in Ease of Doing Business, Jagan announced that he would soon move the capital to Visakhapatnam.

Reliance’s 10GW solar energy plant

Mukesh Ambani, chairman and managing director of Reliance Industries Limited, announced that Reliance will build a 10 GW solar energy plant in Andhra Pradesh. “I have some of my best professional managers from Andhra Pradesh. The state is very important for India’s growth story. We are creating the state’s largest and best digital network footprint by investing over 40,000 crores. Further, the rollout of JioTrue 5G will be completed before 2023 in India, including Andhra Pradesh, and will give employment opportunities for people of AP,” he said.

“The best is yet to come. Reliance will source significant agri/agro base products, manufacturers from Andhra Pradesh for sale all over India, creating 50,000 livelihoods in the state,” Mr. Ambani added.

Apollo to invest Rs. 500 crores in health care

Preeta Reddy, vice-chairman of Apollo Hospitals, said they would invest Rs. 500 crores for research and innovation in health care in Andhra Pradesh. “Andhra Pradesh has done a lot for the people, especially the poor. The Aarogyasri which was started by YS Rajasekhar Reddy is now well improved by Y.S. Jagan Mohan Reddy. The idea is also being implemented in Africa with its own requirements. Andhra Pradesh has clearly put us on the map,” said Preeta Reddy.

Jindal Steel to bring in Rs. 10,000 crores

“We are working on setting up a 3 million tonne steel plant near Krishnapatnam by investing over Rs. 10,000 crores and over 10,000 people will get employment here either directly or indirectly. Today, we are also going to be signing an MoU for the same,” said Naveen Jindal of Jindal Steel and Power Limited. In the next six months, 600 megawatts of energy production will be commissioned and served by Jindal Steels.

GMR Group to replicate success of Hyderabad airport

G.M. Rao, the chairman of GMR Group, said they will invest Rs. 5,000 crores in phase I. “We feel privileged to be developing the green field airport at Bhogapuram International Airport at Visakhapatnam in my home state. Phase I of the airport will serve six million passengers and an ultimate capacity of 30 million passengers. We will also be developing metropolis and airport cities around the airport, consisting of an industrial zone, airspace zone, education, and healthcare zone. We’ll replicate the success of Hyderabad airport, and it will help in the transformation of Vizag city and also place the state on the global map as the most preferred investment destination,” he said.

Two plants by Adani

“Andhra Pradesh has excellent infra, talented youth, and is business-friendly Having already invested Rs. 20,000 crores and created 18,000 direct and indirect employment, we will set up two new cement manufacturing plants, 15,000 MW of renewable power projects and a data centre in Andhra Pradesh,” said Karan Adani, the CEO of Adani Ports.

Rs. 80K crore in green energy

Sumant Sinha, chairman and managing director of Renew Power, announced an investment of Rs. 80,000 crores in green energy and decarbonisation sectors in Andhra Pradesh over the next 5–7 years.

Need for eco-friendly toy industry

During his speech, Dr. Krishna Ella, executive chairman of Bharat Biotech, gave a few suggestions to Chief Minister Jagan Mohan Reddy. He asked him to create a Skill University in Andhra Pradesh, set up intermediate pharma parks which will be the first in the state, and set up an environment-friendly toy industry in the state. “We have abundant resources in Andhra Pradesh, especially local food resources that can be utilised to make the state the best,” said Dr. Krishna.

Hari Mohan Bangur, managing director of Shree Cement; Puneet Dalmia, managing director, Dalmia Bharat Group; Martin Eberhard, co-founder and former CEO, Tesla; B.V.R. Mohan Reddy, founder chairman, Cyient; Kab Dong Lee of Kia India; Masahiro Yamahuchi of Toray Industries; and Sumit Bidani, CEO of Knauf, were among the delegates investing in Andhra Pradesh.

Great start to Summit

The GIS 2023 started with an impressive laser show showcasing the strength of the state and the “Maa Telugu Thalliki” song. Director of industries G. Srijana, industries and IT minister Gudivada Amarnath, chief secretary K.S. Jawahar Reddy, and finance minister Buggana Rajendranath spoke at the summit.

After the first session, Union minister Nitin Gadkari, along with Chief Minister Jagan Mohan Reddy inaugurated the exhibition at the GIS 2023.

Investment proposals

· Energy department: 35 investments worth Rs. 8.25 lakh crores, 1.33 lakh jobs

· Industries & commerce: 41 investments worth Rs. 3.20 lakh crores, 1.79 lakh jobs

· IT and ITES: 6 proposals worth Rs. 32,944 crores, 64,815 jobs

· Tourism: 10 proposals worth Rs. 8,718 crores, 13,400 jobs

Major investors

· National Thermal Power Corporation (NTPC) signed 3 MoUs worth Rs. 2,35,000 crores. They are expected to create 77,000 jobs.

· JSW Group signed 6 MoUs worth Rs. 50,632 crores. They will provide employment to 9,500 people.

· ABC Limited signed one MoU worth Rs. 1.20 lakh crores; 7,000 people from Andhra Pradesh will get employment.

· Aurobindo Group signed 5 MoUs worth Rs. 10,365 crores; 5,250 will get employment.

· Adani Green Energy has signed 2 MoUs with an investment of Rs. 21,820 crores; 14,000 people to get employment.

· Aditya Birla Group has signed two MoUs with an investment of Rs. 9,300 crores; 2,850 people to get employment.

· Jindal Steel has signed one MoU with an investment of Rs. 7,500 crores; 2,500 to get employment.