Latest news with #Rs.839
Hans India
09-05-2025
- Business
- Hans India
AP will soon emerge as global electronics powerhouse: Lokesh
SRI CITY: Minister for IT, Electronics and Communications and HRD Nara Lokesh on Thursday exuded confidence that Andhra Pradesh would soon emerge as the global electronics powerhouse. Speaking after participating in the groundbreaking ceremony of a new manufacturing facility of LG Electronics India Ltd (LGEIL) as chief guest, Lokesh declared that the manufacturing facility of LG Electronics at Sri City was a defining step in AP's journey to becoming a global electronics powerhouse. 'This is more than the beginning of a factory. It is the foundation for future where Andhra Pradesh leads in innovation and industrial excellence. Every job created, every product launched is a move toward global leadership in electronics manufacturing,' Lokesh said. LG Electronics on Thursday broke ground for its state-of-the-art manufacturing facility at Sri City. The LG facility, the first major FDI project under the current NDA regime in the state, is being established over 247 acres allotted by the state government. The project, with an investment of approximately Rs 5,001 crore over four years, is expected to generate 1,500 direct jobs. Lokesh highlighted the broader implications of the project, noting that the new unit symbolises not just economic development, but also technological transformation. 'This is about shaping how we live. It's about creating opportunities, empowering youth, and building futures,' he said. Andhra Pradesh is not merely hosting a factory, we are constructing a future-ready economy, he stated. Welcoming the LG's advanced technologies to Indian soil, Lokesh praised the integration of AI-driven manufacturing, smart processes, and sustainable systems. He added that partnerships with global firms like LG signal Andhra's readiness for large-scale industrial transformation. 'When global industrial giants align with Andhra's vision, change becomes inevitable,' he remarked. Saying that Sri City has become a beacon of industrial progress, and projects like this are shaping the economic future of Andhra Pradesh, Lokesh assured complete government support throughout the project lifecycle – from land allocation to full-scale operation. 'The LG facility will soon become a dream workplace for engineers, technologists, and future entrepreneurs,' he said. The initiative also brings a cluster of LG's key vendor partners - including Ecoria, Kuroda Electric, Heng Sung India, Kyungsung Precision, and Taesung Electronics - who are expected to invest an additional Rs.839 crore and generate over 690 more jobs. These partners will help localise the supply chain by manufacturing critical components like compressors and heat exchangers within the state. Once completed, the factory will boast an annual output capacity of 8,00,000 refrigerators, 8,50,000 washing machines, 1.5 million air conditioners, and two million compressors. The production line will go live in 2026 with air conditioners, followed by a gradual rollout of the remaining products up to 2029. The event was attended by top LG officials including Lyu Jae-cheol, President of the LG Home Appliance Solution Company; James Lee, President of LG Eco Solution Company; and Hong Ju Jeon, MD of LGEIL. Sri City Chairman C Srini Raju, MD Ravindra Sannareddy, District Collector S Venkateswar, and others were present.
Hans India
08-05-2025
- Business
- Hans India
LG Electronics breaks ground for Rs.5000 cr plant at Sri City
SRI CITY: Minister for Education, IT, and Electronics Nara Lokesh laid the foundation stone for LG Electronics' new state-of-the-art manufacturing facility at Sri City near Tirupati on Thursday, hailing the project as a turning point in Andhra Pradesh's journey toward becoming a global electronics powerhouse. Addressing a gathering that included LG Electronics India Managing Director Hong Ju Jeon and other key representatives, Lokesh said, 'This is not just the beginning of a manufacturing unit—it's the laying of a foundation for the future of Andhra Pradesh. Where innovation and investment meet, the future is built.' The Rs.5,000-crore investment marks one of the largest foreign direct investments (FDI) in the state since the formation of the new people's government. Spread over 247 acres, the LG facility will cover 1 million square meters of site area, with a built-up area of 220,000 square meters. The project is expected to generate 1,900 direct and indirect jobs, with LG's main plant accounting for 1,500 of them. Lokesh underscored the broader vision behind the initiative: 'We're not just building factories; we're building the future of our state. This is about creating jobs, empowering youth, and transforming lives.' The new facility will roll out smart and energy-efficient home appliances such as refrigerators, washing machines, and air conditioners. Starting with air conditioner production in 2026, other product lines will be phased in through 2029. Once fully operational, the plant will have an annual output capacity of 800,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners, and 2 million compressors. The initiative also brings a cluster of LG's key vendor partners – including Ecoria, Kuroda Electric, Heng Sung India, Kyungsung Precision, and Taesung Electronics – who are expected to invest an additional Rs.839 crore and generate over 690 more jobs. These partners will help localise the supply chain by manufacturing critical components like compressors and heat exchangers within the state. 'This collaboration showcases Andhra Pradesh's emergence as a competitive global hub for electronics manufacturing,' Lokesh noted. 'When global industrial giants align with Andhra's vision, transformative change becomes inevitable.' The state government has pledged full support from land acquisition to construction and production. Lokesh reaffirmed Andhra Pradesh's commitment to fostering an investor-friendly environment, adding, 'We are open for business, eager for innovation, and ready for transformation.' Thanking LG for selecting Andhra Pradesh for its prestigious unit, Lokesh said, 'The LG factory will become a dream workplace for aspiring engineers, tech professionals, and future entrepreneurs. Together, we're not just assembling machines—we're creating opportunities.' Sri City Chairman C Srini Raju, founder MD Ravindra Sanna Reddy, District Collector Dr S Venkateswar and others were present on the occasion.
