Visakhapatnam: In its inaugural meeting chaired by Chief Minister N Chandrababu Naidu, the State Investment Promotion Board (SIPB) of Andhra Pradesh approved investments worth Rs 85,083 crore. These projects are expected to generate 33,966 jobs across the state, marking a significant step in industrial and economic growth.
Among the approved investments, Visakhapatnam gained prominence with Dallas Technology Center LLP committing Rs 50 crore, creating 2,000 jobs. Additionally, ArcelorMittal-Nippon Steels will establish an integrated steel plant at Bagaraiahpeta near JV Nakkapalli with an initial investment of Rs 61,780 crore, projected to create 21,000 jobs.
Other major projects include LG Electronics India Pvt Ltd with Rs 5,001 crore and 1,495 jobs, Kalyani Strategies System Ltd’s Rs 1,430 crore investment creating 565 jobs, Phillips Carbon Black Ltd committing Rs 3,798 crore for 200 jobs, and Azad India Mobility Ltd investing Rs 1,046 crore to create 2,381 employment opportunities.
The meeting reviewed proposals from the last five months and assessed the progress of MoUs. Highlighting the importance of investment-friendly policies, Chandrababu Naidu criticized the previous administration for deterring investors and stressed efficient handling of incentives. He also urged officials to prioritize the welfare of landowners contributing land for industrial projects.
This announcement marks a significant milestone in Andhra Pradesh’s economic resurgence.
 of Andhra Pradesh approved investments worth Rs 85,083 crore.){kind=link}