Andhra Pradesh is open for business and ready for transformation, says Nara Lokesh
Andhra Pradesh is open for business and is gearing up to invite global giants to its terrain, Minister for Industries, Information Technology and Human Resources Development Nara Lokesh has said. 'When global industrial giants align with Andhra's vision, transformative change becomes inevitable,' he said while inviting LG Electronics and its partners, who are bringing cutting-edge technologies to Indian soil, such as AI-driven manufacturing, smart production processes and energy-efficient systems.
The State government is committed to providing an enabling environment for industrial growth and advanced innovation, he said, remarking, 'Andhra Pradesh is open for business, eager for innovation and ready for transformation.'
The Minister said the $600-million LG Electronics facility also aligned with the government's avowed commitment to create local jobs and encourage innovation. 'This is not just the beginning of a manufacturing unit; it is laying of the foundation for the future of Andhra Pradesh. Andhra Pradesh is on the path to becoming a global electronics powerhouse,' he observed.
The LG Electronics plant comes with an investment of over ₹5,000 crore and the journey from 'Made in Andhra' to 'Made for the World' continues with strength and purpose, Mr. Lokesh added, pointing out that it was the first major Foreign Direct Investment (FDI) since the formation of the alliance government in the State.
The new plant, coming up on a total floor area of 220,000 square metres, will generate 1,900 direct and more indirect jobs in the next four years, besides bringing ancillaries to the region. Once operational, the plant will have an annual production capacity of 8 lakh refrigerators, 8.5 lakh washing machines, 15 lakh air conditioners and 20 lakh air conditioner compressors.
Vendor partners including Ecoria, Kuroda Electric, Heng Sung India, Kyungsung Precision and Taesung Electronics will play a major role in strengthening the supply chain, thus, reducing dependence on imports.
Lee Seong-ho, Ambassador of the Republic of Korea to India, attended as a guest along with LG Electronics Inc. CEO (Home Solutions) Jaecheol Lyu, LG Electronics Inc CEO (Eco Solutions) Jae Sung Lee, LG Electronics India's Managing Director Hong Ju Jeon, Sri City chairman Srini Raju and managing director Ravindra Sannareddy.
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