&w=3840&q=100)
LG to invest Rs 5,000 crore in Andhra Pradesh for smart appliance facility
LG Electronics has announced a Rs 5,000 crore investment to set up a state-of-the-art facility in Sri City, Andhra Pradesh. The foundation stone was laid by Minister for Education, IT, and Electronics, Nara Lokesh, in the presence of LG Electronics India Managing Director Hong Ju Jeon and other dignitaries.
The government of Andhra Pradesh has provided 247 acres of land at Sri City to LGEIL for the new plant, which is expected to generate around 1,900 direct and indirect jobs. This facility will cover a site area of one million square metres, with a total floor area of 220,000 square metres. LGEIL's investment of US$600 million (Rs 5,001 crore) over four years is expected to attract ancillary investments to the region, creating a white goods manufacturing ecosystem in the state, the company said on Thursday.
Lokesh stated that every job created and every innovation launched is paving the way to transform Andhra Pradesh into a global electronics powerhouse. 'This is not just the beginning of a manufacturing unit—it's the laying of a foundation for the future of Andhra Pradesh,' said Lokesh. 'This project goes beyond industrial development; it marks a milestone in India's industrial and technological advancement. Where innovation and investment meet, the future is built.'
The journey from 'Made in Andhra' to 'Made for the World' continues with strength and purpose, the statement added. This LG unit stands as one of the first major foreign direct investments (FDI) since the formation of the new government in Andhra Pradesh.
The LG facility will produce advanced, smart, and energy-efficient home appliances such as refrigerators, air conditioners, and washing machines. 'This is not just about manufacturing—it is about shaping the future of how we live. It's about creating jobs, empowering youth, and transforming lives. We're not just building factories; we're building the future of our state,' Lokesh added.
The main LG unit is expected to generate 1,500 direct jobs. Additionally, LG's key vendor partners will invest another Rs 839 crore, creating over 690 more jobs. The project will have a significant positive impact on the local economy and will enhance the entire electronics ecosystem in the region.
By manufacturing key components like compressors and heat exchangers within the state, LG aims to strengthen its supply chain and reduce dependency on imports. Vendor partners including Ecoria, Kuroda Electric, Heng Sung India, Kyungsung Precision, and Taesung Electronics will play a vital role in this integrated growth journey. This collaboration highlights Andhra Pradesh's emergence as a competitive global hub for electronics manufacturing.
'When global industrial giants align with Andhra's vision, transformative change becomes inevitable,' said Lokesh. LG and its partners are bringing cutting-edge technologies to Indian soil—AI-driven manufacturing, smart production processes, and energy-efficient systems.
Sri City has become a lighthouse for industrial progress, and projects like this are shaping the economic future of Andhra Pradesh, the statement said. From land acquisition to construction and full-scale production, the state government will provide comprehensive support at every step.
'We are committed to providing an enabling environment for industrial growth and advanced innovation,' Lokesh added. 'Andhra Pradesh is open for business, eager for innovation, and ready for transformation.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
10 minutes ago
- Mint
Swiss firm Cabeltec SA discusses business opportunities in India during meeting with Piyush Goyal
Bern [Switzerland], June 9 (ANI): Cabeltec SA Co-Owner Frederic Leuba met Commerce Minister Piyush Goyal, who is on a two-day visit to Switzerland. They discussed possible business opportunities in India. The Group has expertise in cables and machinery. Speaking to ANI after the meeting, Frederic Leuba said he would give a though about investing on a factory and an office in India. "For the very fine wire, for the wire tech company, it would be more have all the knowledge here. But for the cable industry, maybe we could have in mind to create a factory or an office there," he said. "Since now we don't have a company in India. We (would) work with some companies in India. I cannot say where we already sold one machine, but I know some people in India, some friends in India, and I love the new people in India philosophy, and we have a very good impression to develop (in) the country," he added. Union Minister of Commerce and Industry Piyush Goyal commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from June 9 to 13, 2025. "This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth," his ministry said in a statement. The visit commenced in Switzerland today, where the Minister engaged with global CEOs and prominent industry leaders to explore opportunities for strengthening bilateral trade and investment. The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing. The Minister will also connect with the ICAI Zurich Chapter and interact with Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin, fostering strong trade and diplomatic ties. "A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. The day will also feature participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA)," the commerce ministry said in a statement. (ANI)
Hindustan Times
11 minutes ago
- Hindustan Times
Satellite for ₹33,000, data plan at ₹3000: Starlink's India plan
Elon Musk's satellite internet service Starlink is preparing to commence operations in India within the next two months after receiving its license last week, sources said. The company has finalised its pricing structure for the Indian market, setting the cost of the required satellite dish device at approximately ₹33,000. The monthly unlimited data plan is expected to be priced at ₹3,000. As part of its launch strategy, Starlink plans to offer a complimentary one-month trial period with each device purchase, allowing customers to test the service before committing to regular monthly payments. The satellite internet service is expected to significantly impact connectivity in India's remote and underserved areas, where traditional broadband infrastructure has been challenging to establish. Starlink's low Earth orbit satellite constellation promises to deliver high-speed internet access to locations previously unreachable by conventional terrestrial networks. READ | Modi orchestrated Starlink's Airtel, Jio deals to buy peace with Trump: Congress The pricing structure appears consistent with Starlink's regional strategy, as the device costs align with those in neighbouring countries. In Bangladesh, the Starlink device is priced at ₹33,000, while Bhutan maintains the same ₹33,000 price point for the equipment. Industry experts suggest that Starlink's entry into the Indian market could intensify competition in the country's telecommunications sector and provide crucial connectivity solutions for rural areas, educational institutions, and businesses in remote locations. The company's imminent launch comes as India continues to push for digital inclusion and improved internet connectivity across its vast geographical expanse, particularly in areas where traditional internet service providers have struggled to establish reliable networks.
Time of India
15 minutes ago
- Time of India
US stock market today: S&P 500 flat, Dow Jones down, Nasdaq‑100 up— biggest gainers, losers as Wall Street eyes US-China trade talks and potential tariff deal
US stock market live update: Dow Jones drops 185 points as investors await US-China trade talks progress- The US stock market opened slightly weaker on Monday, June 9, as Wall Street turned its attention to critical trade talks between the United States and China. Early trading saw the Dow Jones Industrial Average fall by 185 points, or about 0.5%, marking a cautious start to the week. The S&P 500 dipped 0.1%, while the Nasdaq Composite edged up slightly by 0.1% around 9:35 a.m. Eastern Time. Traders are closely watching the developments in London, where senior officials from both countries are meeting to ease long-standing trade tensions. The discussions aim to address a range of economic disputes and possibly roll back mutual tariffs that have been weighing on global supply chains for years. How are the major indices performing? S&P 500 (SPY): Sitting steady at about 599.15, virtually unchanged from the previous close, remaining just under the 6,000 mark. Dow Jones Industrial Average (DIA): Dropping roughly 0.21% to 427.47, reflecting some investor caution. Nasdaq-100 (QQQ): Climbing around 0.16% to 530.77, fueled by strength in the tech sector. Which stocks are making the biggest moves? Top gainers today include: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's What a New Roof Should Cost in 2025 Learn More Undo Warner Bros Discovery: Surging 7-9% following news of a company split. IonQ: Up about 3% after announcing an acquisition of Oxford Ionics. Merck: Rising 1.1%, boosted by positive trial results. Nvidia: Gaining between 1.3% and 2.3%, riding the wave of AI enthusiasm. Qualcomm: Jumping 4.4% on completion of its Alphawave IP purchase. Apple: Adding 0.7%, supported by new AI features unveiled at the WWDC event. Biggest losers include: Robinhood: Dropping 7.4% after being excluded from the S&P 500 index. Tesla: Down between 0.3% and 2%, impacted by a recent downgrade and fallout from Musk-related news. EchoStar: Falling 8.2% amid bankruptcy rumors. Live Events Why are the US and China meeting now — and what's at stake for the stock market? This week's US-China trade talks are seen as pivotal for the global economy. Tariffs imposed in past years have disrupted everything from electronics to heavy equipment. Though those tariffs are currently paused, no permanent deal has been reached. Analysts believe that progress in these talks could help avoid a potential economic slowdown or even a recession, especially if they result in the reduction or removal of tariffs on both sides. A positive outcome could also reignite investor confidence and fuel another leg up in the US stock market rally. These modest moves reflect investor hesitancy. Market players are clearly waiting for concrete news before making big decisions. The S&P 500 remains just 2.5% below its all-time high, buoyed by hopes that the US may reach trade agreements that roll back tariffs globally. What's driving the stock market recovery in 2025? One major factor behind the stock market's strong recovery has been the belief that President Donald Trump will reduce trade barriers as part of broader global deals. After plunging by nearly 20% from its peak two months ago, the S&P 500 has made a swift comeback. That optimism is largely driven by expectations that smoother trade relations — particularly with major economies like China — will relieve pressure on multinational companies and bring stability back to supply chains. Are tariffs still in effect, and why does it matter now? Currently, both the US and China have put a pause on new tariffs, but existing ones remain. These tariffs have cost industries billions, increased consumer prices, and created uncertainty for global manufacturers. What's important now is whether these paused tariffs are finally lifted. This could significantly improve the flow of goods, lower costs, and potentially lead to more business investments, especially in sectors like tech, agriculture, and manufacturing. Could US-China trade deals shape the next market trend? Absolutely. Any meaningful breakthrough in US-China trade negotiations could serve as a key catalyst for markets. Investors are looking for long-term clarity, not just temporary relief. If Monday's talks in London show signs of real progress, we could see increased investor confidence, reduced market volatility, and fresh momentum across Dow Jones, S&P 500, and Nasdaq. But without a deal, continued uncertainty could weigh on the markets in the coming weeks. What's driving the market today? Trade talks between the U.S. and China in London continue to shape investor sentiment, contributing to the Dow's decline and a slight Nasdaq boost. Inflation concerns remain front and center , with traders awaiting this week's CPI and core PCE data releases. Expectations suggest the Federal Reserve may hold interest rates steady for now. Sector trends show technology stocks powering the gains, while healthcare lags behind. What should investors watch next? Investors should keep a close eye on the statements or outcomes from the US-China meetings. Any mention of progress on tariff rollbacks, trade agreements, or economic cooperation could trigger immediate market reactions. It's also worth noting that the Federal Reserve's next move, broader economic indicators, and the 2024 US election climate remain in focus as secondary factors influencing the market direction. FAQs: Q1: Why did the Dow Jones fall 185 points today? The Dow Jones dropped due to investor caution ahead of the US-China trade talks. Q2: What are US-China trade talks about? The talks aim to ease tariffs and settle long-running trade disputes affecting the global economy.
