Reliance, JSW Steel, Dalmia, many more announce huge projects in AP in Global Investors Summit 2023

VISAKHAPATNAM: The Advantage Andhra Pradesh Global Investors Summit 2023 has proven to be a breakthrough for the State’s Industrial development with a revolutionary amount of Rs 13 lakh crore investments announced. Business tycoons from across India and the world attended the inaugural ceremony of the two-day summit and announced huge projects in Andhra Pradesh in their keynote addresses.

India’s richest man and Chairman of the Reliance Group Mukesh Ambani announced a massive investment of Rs 40,000 crore to build the world's best digital network footprint at Andhra Pradesh. Mukesh Ambani said, “Our 4G network will cover 98 percent of APs population including those who live in the remotest corner of the state. Reliance has already invested over Rs 1.5 lakh crore Gas Assets in Andhra Pradesh and will also source more agro-based products from Andhra Pradesh.”

Naveen Jindal, Chairman of Jindal Steel Group, who are already setting up multiple plants in Andhra Pradesh, announced an additional investment of Rs 10,000 crore for a mega steel plant.

Speaking at the Summit, he said, “On behalf of the Jindal group, we thank the government for progressive policy and single window policy which creates an investor friendly place. In six months 600 mw energy production will be commissioned and served. AP is strategically located with abundant resources and infrastructure.We are working on setting up a 3 million tonne steel plant near Krishnapatnam by investing over Rs 10,000 crores. Over 10,000 people will be getting employment here either directly or indirectly.”

Karan Adani, CEO of Adani ports said that Andhra Pradesh’s coastal resources were unmatchable and that the Adani Group would invest huge amounts and continue its partnership with Andhra Pradesh. He said, ““Andhra Pradesh has excellent infra, talented youth and a business friendly environment. Having already invested Rs 20,000 crore and creating 18,000 direct and indirect employment, our partnership with AP on ports would continue to grow. Two large ports that we are handling will have 100 ml metric tonne capacity and transform them into industrial ports. We are committed to develop 15,000 mw of renewable energy in AP. Ambuja and Adani cement will set up two plants with 10 million tonnes.”

A major investment was received by Andhra Pradesh’s cement industry when Chairman of Sree Cement Hari Mohan Bhangur announced a huge investment of Rs 5,000 crore for setting up a factory in the State. He said, “We are looking to invest Rs 5000 cr will create direct and indirect employment for 5000 people and will lead to a Rs1000 Cr contribution to the state exchequer annually.”

Another major investment for the cement industry was made by the MD of Dalmia Bharat Group Puneet Dalmia. The company would be investing Rs 1,000 crore for setting up another cement plant in the State.

G M Rao, the Chairman of the second largest private airport builder in the world GMR Group, announced an investment of Rs 5,000 crore to set up a greenfield airport in Andhra Pradesh and also develop its ecosystem. GM Rao said, “We feel privileged to be developing the green field airport at Bhogapuram International Airport at Visakhapatnam in my home state with due humility. Phase one of this airport will serve six million passengers and an ultimate capacity of 30 Million passengers. In phase one, Rs 5000 Cr will be invested. We’ll also be developing metropolis and airport cities around the airport that will consist of an industrial zone, airspace zone, and education, and healthcare zones. We’ll replicate the success of Hyderabad airport, it will help in the transformation of Vizag city and also place the state on the global map as the most preferred investment destination.”

To uplift YS Jaganmohan Reddy’s vision of developing the medical facilities in the State, Preetha Reddy from the Apollo Group announced an investment of Rs 500 crore for setting up an R&D facility in Andhra Pradesh.

Andhra Pradesh climbed several steps up in the ladder towards development with the Summit. The tagline for the event: Where Abundance meets Prosperity, was highlighted throughout the event and investors said to have identified abundance and have invested towards prosperity. All sectors in Andhra Pradesh, starting from IT, engineering, medical, agriculture, mineral resources, coastline ports, education and what not, were benefited from the Global Investors Summit 2023.