LG's third plant in India to come up in Sri City with Rs 5k crore
TIRUPATI: LG Electronics is set to invest Rs 5,001 crore on a new manufacturing plant in Sri City, a Special Economic Zone (SEZ) in Tirupati district. The groundbreaking ceremony for the plant will be held on May 8.
In an interview with TNIE, Ravindra Sannareddy, Founder and Managing Director of Sri City, said Chief Minister N Chandrababu Naidu and IT and Electronics Minister Nara Lokesh have made concerted efforts to get LG to Andhra Pradesh. LG, which currently operates manufacturing units in Pune and Noida, is setting up its third plant in India, and the first in South India in Sri City.
The proposed facility in Sri City will manufacture a wide range of consumer electronics, including refrigerators, air conditioners, washing machines, televisions, and compressors. Commercial production is expected to commence within the next two to three years, he explained.
To support the project, the State government has announced various incentives, including a 100% water supply subsidy for 20 years, and waiver of stamp duty and registration charges.
The new plant is expected to benefit both Rayalaseema and the neighbouring Nellore districts, significantly boosting employment and industrial activity in the backward region, he said.
Sri City unique features
Sri City, which was launched on August 8, 2008, is a uniquely positioned industrial hub with access to four seaports and two international airports, making logistics seamless. Spanning over 8,000 acres in Andhra Pradesh and Tamil Nadu, it is India's first and largest green, multi-product integrated business city.
Made in AP products power living in 6 continents
Hosting 235+ global companies from 31 countries, Sri City is a top industrial destination built on the innovative 'Work-Live-Learn-Play' concept, blending industry with residential, educational, and recreational spaces. The cumulative investments are close to $4.5 billion.
All these companies have created employment opportunities to more than 65,000 people, with more than half of them being women (52%). The products made at Sri City are, in many ways, powering everyday living with precision and purpose worldwide, he said.
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