Andhra cabinet clears ₹80,000 cr investment push, metro projects get green light
₹ 80,000 cr investment push, metro projects get green light
The minister said these approvals are expected to generate 1.5 lakh jobs, positioning Andhra Pradesh as a preferred destination for investors.
"Investment proposals worth nearly ₹80,000 crore were approved. Up to 1.5 lakh jobs are expected from these investments," said Parthasarathy, addressing a press conference at the secretariat.
The cabinet approved the Andhra Pradesh Electronic Components Manufacturing Policy 4.O, aimed at developing electronic industries in the state, he said.
It also cleared the allocation of 4.45 acres of land to Phenom People Pvt Ltd in Vizag for an investment of ₹200 crore, expected to generate 2,500 jobs.
Further, Parthasarathy said the cabinet approved 3.6 acres of land for Sify Infinity Spaces at Madhurawada IT Hill and another 50 acres at Paradesipalem in Vizag at ₹50 lakh per acre, facilitating a ₹16,466 crore investment to establish the port city as a data hub.
"This strategic development will position Visakhapatnam as a key data hub, attracting technology-based firms and enhancing the state's capabilities in cloud computing, data storage, and digital services," he added.
The cabinet also approved the allocation of 30 acres in Madhurawada to Sattva Developers Pvt Ltd at ₹1.5 crore per acre for a proposed investment of ₹15,000 crore, and 2.5 acres to ANSR Global Corporation Pvt Ltd at Madhurawada for an investment of ₹1,000 crore.
It approved a proposal to invite tenders for up to 40 per cent of phase I works of the Visakhapatnam Metro Rail project, to be executed under a 50:50 government joint venture, at an estimated cost of ₹11,498 crore, added the minister.
Similarly, it granted in-principle approval for phase I of the Vijayawada Metro Rail Project with two corridors, estimated at ₹10,118 crore. The project will also follow a 50:50 equity funding model, with the tendering process and Notice to Proceed subject to approval from the ministry of housing and urban affairs.
The cabinet ratified key activities under the Andhra Pradesh Mineral Development Corporation's 2025-26 second tranche bond issuance, including acceptance of a ₹5,526 crore subscription amount.
Among other decisions, it approved the allocation of an 800 MW pumped storage power project at Owk in Nandyal district to RVR Projects Pvt Ltd, the minister said.
The cabinet also approved the Green Hydrogen Valley Declaration recently announced in Amaravati.
It accepted the report submitted by Justice M Satyanarayana Murthy on the stampede that occurred at Padmavathi Park in Bairagipatteda, Tirupati, on January 8, 2025.
Additionally, it cleared incentives for the development of luxury hotels by ITC Hotels Ltd and Lansum Leisures & Entertainment LLP in Vizag, among other proposals.
This article was generated from an automated news agency feed without modifications to text.
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