Lokesh to lay stone for Rs 5,001 cr LG plant in Sri City today
Tirupati: South Korean electronics giant LG is set to establish its third manufacturing unit in India with an investment of Rs 5,001 crore. The new facility will come up in Sri City, marking the company's first unit in the southern region of the country. The groundbreaking ceremony is scheduled for Thursday, with Minister for Education and IT, Electronics and Communications Nara Lokesh to lay the foundation stone.
The Andhra Pradesh government gave its nod for the mega investment in April. The project will be LG's third plant in India after its existing units in Pune and Noida. The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has allotted 188 acres of land near Kolladam village in the Phase 2 expansion area of Sri City for the initial phase. An additional 70 acres will be provided in the second phase.
The state government has also extended a customised incentive package to support the project. This includes complete water subsidy for 20 years, and exemptions from stamp duty and registration charges.
Once operational, the plant is expected to generate direct employment for around 1,500 people, while nearly 5,000 others are likely to benefit from indirect employment opportunities across Tirupati, Nellore, and neighbouring districts.
In view of the Thursday's event, District Collector Dr S Venkateswar, along with Superintendent of Police V Harshavardhan Raju, Sri City MD Ravindra Sannareddy, Joint Collector Shubham Bansal, Additional SP Ravi Manoharachari, Sullurupeta RDO Kiranmayi, and representatives from LG conducted an inspection of the arrangements at the project site on Wednesday. They reviewed the preparations for Minister Lokesh's visit.
District Collector S Venkateswar, SP V Harshavardhan Raju, Sri City MD Ravindra Sannareddy and others discussing groundbreaking ceremony arrangements at Sri City on Wednesday
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