The Telugu Desam Party-led coalition government in Andhra Pradesh has given the green light to investment proposals totaling Rs 9.36 lakh crore since taking office in June 2024. Minister Kolusu Parthasarathy announced that these proposals are anticipated to create job opportunities for 9.62 lakh individuals. The recent Cabinet meeting, presided over by Chief Minister Nara Chandrababu Naidu, sanctioned 16 projects in the information technology, electronics, and communications sectors, with an investment of Rs 17,459 crore and job prospects for 36,411 people.
The Cabinet’s significant decisions included the endorsement of data center projects in Visakhapatnam and Anakapalli districts. Additionally, Credence Realty’s plan to establish an IT Park in Visakhapatnam was approved under the Andhra Pradesh IT and Global Capability Centre Policy (4.0) 2024-29. This project, valued at Rs 386.88 crore and expected to create 6,500 jobs, received the nod from the State Investment Promotion Board. Furthermore, Feuji Software Solutions Private Limited was allocated two acres of land for an IT/ITeS campus in Visakhapatnam, involving an investment of ₹425 crore and the potential to generate 2,500 jobs.
Another approval was granted for the allocation of 0.4 acres of land to Sritech Data Limited for a Cable Landing Station in Visakhapatnam, with an investment of Rs 1,800 crore. The Cabinet also greenlit PG Technoplast Private Limited’s project, which includes manufacturing facilities for refrigerators, washing machines, and air conditioners in Phase-1, along with the expansion of PCB vertical capacity, the establishment of a research and development center, and a Component Vendor Park in Phase-2. This venture, with an investment of Rs 1,305 crore, is expected to create 2,910 jobs.
