₹20,000-Crore Investment Approved at 9th SIPB Meeting

Vijayawada: The 9th State Investment Promotion Board (SIPB) meeting, chaired by Chief Minister N. Chandrababu Naidu, approved investments exceeding Rs.20,000 crore from four notable companies on Wednesday.

This deal is expected to generate employment opportunities for approximately 50,600 individuals.

The chief minister emphasized the need for a master plan for Visakhapatnam that aligns with future investment and infrastructure requirements.

The coalition government’s commitment to generating 20 lakh jobs over five years is steadily bearing fruit, Naidu said.

IT minister Nara Lokesh, who is also the chairman of the cabinet sub-committee on employment generation, said the state “continues to make significant strides in attracting investment.”

Lokesh presented insights into the proposed investments. He said renowned firms such as Sify, Sattva, BVM and ANSR have proposed investments totalling `20,216 crore and these investments are projected to create 50,600 employment and livelihood opportunities.

Lokesh stated that the entry of such prestigious companies would significantly enhance Visakhapatnam’s standing. He also elaborated on the discussions he held with these firms and highlighted their respective strengths.

The CM emphasized the need to align Visakhapatnam’s Master Plan with future investments and development needs. He noted that available land in the region was limited and these had already been allotted to several companies, including the ArcelorMittal Steel Plant.

Naidu stressed the urgency of identifying suitable land for incoming companies and directed officials to undertake proactive planning to avoid infrastructure bottlenecks.

When officials highlighted urban challenges faced by cities such as Pune and Bengaluru, the CM said such issues must be avoided in Visakhapatnam. He underscored the importance of forward-looking planning, particularly for airport and rail connectivity, highways and metro networks, so that Visakhapatnam can avoid the urban strains seen elsewhere.

“While setting up industrial units, it is essential to establish ecosystems that also cater to the needs of residents,” Naidu said and added that comprehensive planning must ensure that these areas are livable and well-equipped for the general public.

The CM explained that to date, 113 projects promising investments of `5,94,454 crore have been approved under the alliance government’s tenure through SIPB meetings. These include 46 projects in the industrial sector, 41 in energy, 11 in tourism, 11 in IT, and 4 in food processing.

Collectively, these ventures are expected to generate 5,56,568 employment and livelihood opportunities.