German-based Pepper Motion to invest Rs 4,640 crore for setting up electric bus manufacturing unit in Chittoor district
YS Jagan on Monday approved the investment proposals to a tune of Rs 19,037 crore with an employment potential of about 69,565 during SIPB meeting
AMARAVATI: The Andhra Pradesh Government has given approval to a German-based Pepper Motion GmbH’s proposal for setting up a manufacturing unit of electric buses with an investment of Rs 4,640 crore at Punganur in Chittoor district.
This is one of 10 projects approved by Andhra Pradesh Chief Minister YS Jagan Mohan Reddy at the State Investment Promotion Board (SIPB) meeting held on Monday. The electric buses manufacturing unit would provide employment to around 8,100 people.
While approving the projects to a tune of Rs 19,037 crore with an employment potential of about 69,565 at the SIPB meeting, YS Jagan asked the officials to get updated with the emerging trends and revolutionary changes taking place across the world in the industrial sector and bring in necessary changes in the industrial policy of the State.
“With utmost transparency in the implementation of industrial policies, we stood first in the EoDB (Ease of Doing Business). We shall continue the journey by creating more favourable conditions for the investors so that more industries will be established,” the Chief Minister said.
Despite speedy clearances and gave the assurance that we were just a phone call away in solving problems of investors and industrialists, there was a need to expedite the licensing and clearance procedures for ensuring quick industrial growth, he said, and added that the steps to translate the MoUs signed at the Visakhapatnam Global Investors Summit (GIS) into reality should be expedited.
The Chief Minister also asked the officials to keep up the momentum in handholding the MSMEs and supporting them at every step as many people were dependent on them. This apart, JSW would set up an industrial park at S. Kota in Vizianagaram district with an investment of Rs.531 crore providing direct and indirect jobs to 35,750 and 9375 respectively, he said.
The officials informed the Chief Minister that Sreyas Industries Ltd would set up its unit at Ranasthalam in Srikakulam district with an investment of Rs.1,750 crore to generate direct and indirect employment potential of 2,000 and 500 respectively. While Substrate India Manufacturing Pvt. Ltd's proposal would invest Rs 166 crore to launch its AI electronic product manufacturing unit at Atchutapuram SEZ in Anakapalle district to provide jobs to 5,000 persons.
The other projects approved in the SIPB meeting included Coastal Andhra Power Ltd (Reliance Power) would change its thermal power unit at Krishnapatnam in Nellore District into a Green Hydrogen and Green Ammonia unit with an investment of Rs. 6,174 crore. The Company would provide direct and indirect employment to 600 and 2,000 persons respectively. Andhra Paper Ltd’s proposal to expand its unit at Kadiyam in East Godavari district with an investment of Rs.4,000 crore and employment potential of 3,000 was cleared by the Board.
The Board also cleared the proposal of ATC Tires which would expand its unit at Atchutapuram SEZ with an investment of Rs.679 crore and employment potential of 300. In the same way Electro Steel Casting Ltd would expand its unit at Srikalahasti in Tirupati district with an investment of Rs.933 crore and employment potential of 2,100. Sri Venkateswara Bio Tech would establish its unit at Kommuru in Eluru district and invest Rs 114 crore to provide jobs to 310 persons. Besides Orill Food Pvt Ltd would establish its unit at Maddi in Visakhapatnam district with an investment of Rs.50 crore. It would provide employment to 550 persons.