The Amara Raja Group (Ramachandra Naidu Galla - Chairman) and the Government of Andhra Pradesh recently signed a Memorandum of Understanding (MoU) for direct investment in Andhra Pradesh in the field of food processing besides electronics, energy storage, automobile components, IT & telecom components, and infrastructure and services.
This was announced at the 22nd CII Partnership Summit and 1stSunrise Andhra Pradesh Investment held in Visakhapatnam. Under the terms of the MoU, ARG and AP govt have committed to an investment of approximately Rs 5,000 crore, expected to generate approximately 10,000 new jobs over a period of 2-3 years directly, and 20,000 jobs indirectly.
Signing the agreement, Dr Ramachandra Naidu Galla, chairman, Amara Raja Group, highlighted the importance of improving infrastructure and accelerating industrial development in Andhra Pradesh, and welcomed mutual cooperation for facilitating investments in Andhra Pradesh.
“This MoU provides us a great opportunity to help create the infrastructure for rapid industrialisation. With the cooperation of the GoAP, we are confident that we will be able to make the state an industrial hub and attract investment from both national and global players,” said the ARG chief.
“This effort is a very important collaborative effort by industry and government which paves for all round industrial development and employment opportunities for the people of the state,” said Jayadev Galla, VC, Amara Raja Group, adding that the MoU will facilitate provision of necessary assistance by the AP govt for Amara Raja Group, and improve the investment environment.