Andhra SIPB clears Rs 20,216 cr in fresh investments; 50,600 jobs in pipeline

The ninth SIPB meeting of Andhra Pradesh, chaired by Chief Minister N Chandrababu Naidu on Tuesday, approved four projects worth Rs 20,216 crore, with the potential to generate employment for 50,600 people.

According to an official statement, the projects approved by the State Investment Promotion Board were from Sify Infinity Spaces Ltd, Sattva Developers Pvt Ltd, BVM Energy and Residency Pvt Ltd, and ANSR Global Corporation Pvt Ltd.

"Four more companies have come forward to invest in the state. Prestigious organisations such as Sify, Sattva, BVM, and ANSR have proposed investments worth Rs 20,216 crore, which were approved at the ninth SIPB meeting chaired by the chief minister," the statement said.

As part of the investment proposals, Sify Infinity Spaces Ltd is expected to invest Rs 1,466 crore in the first phase and Rs 15,000 crore in the second phase.

Sify will set up a data centre, bringing its total investment to Rs 16,466 crore, it added.

Similarly, Sattva Developers Pvt Ltd is expected to invest Rs 1,500 crore in Visakhapatnam and Madhurawada, while BVM Energy and Residency Pvt Ltd plans to invest Rs 1,250 crore.

ANSR Global Corporation Pvt Ltd is also expected to invest Rs 1,000 crore in Visakhapatnam and Madhurawada.

So far, the TDP-led NDA government has approved investments worth nearly Rs 6 lakh crore under 113 projects through the SIPB route, it further said.