Power & Energy Projects Dominate In Andhra Pradesh Investment Proposals Worth Rs 44,776 Cr

(MENAFN- KNN India) Amaravati, Jan 31 (KNN) The Andhra Pradesh State investment Promotion Board (SIPB) has approved projects valued at Rs 44,776 crore, with a significant focus on clean energy initiatives that promise to create 19,580 new jobs in the state.

The approval, granted during the board's fourth meeting, predominantly favors the energy sector with allocations of Rs 42,932 crore.

Leading the investment commitments are Navayuga Engineering Company Ltd with Rs 14,328 crore and Megha Engineering and Infrastructure Ltd with Rs 10,300 crore.

Several other prominent companies have received clearance for renewable energy projects, including Tata Power Renewable Energy Ltd (Rs 2,000 crore), Ayana Renewable Power Pvt Ltd (Rs 4,435 crore), and Ampin Energy Transition Pvt Ltd (Rs 3,142 crore). Additional approvals were granted to SAEL Solar MHP1 and MHP2 Pvt Ltd, each investing Rs 1,728 crore, along with Cuddapah Renewables Pvt Ltd and Ecoren Energy India Pvt Ltd.

The latest round of approvals aligns with Andhra Pradesh's ambitious target to develop 160 GW of renewable energy under its integrated clean energy policy, contributing to India's national goal of achieving 500 gigawatts of renewable energy capacity by 2030.

State IT Minister Nara Lokesh emphasised that the government's investment-friendly policies have created an attractive environment for businesses, particularly in the clean energy sector, which is expected to generate approximately 13,000 jobs.

Since July 2024, under the leadership of Chief Minister Nara Chandrababu Naidu, the SIPB has demonstrated remarkable progress, approving cumulative investments worth Rs 3.1 trillion with the potential to create 3.12 lakh jobs.
These approvals include significant projects such as ArcelorMittal Nippon India's integrated steel plant (Rs 61,780 crore), BPCL's oil refinery and petrochemical plant (Rs 96,862 crore), and Reliance Industries' compressed biogas plants (Rs 65,000 crore).

The state's investment portfolio further diversifies with approvals for manufacturing facilities, including LG Electronics India's white consumer goods facility (Rs 5,001 crore), John Cockerill Greenko's electrolyser manufacturing unit (Rs 2,000 crore), and various renewable energy projects by companies such as Clean Renewable Energy Hybrid Three Pvt Ltd and Astha Green Energy Ventures.

These investments underscore Andhra Pradesh's commitment to industrial growth while maintaining a strong focus on sustainable development and employment generation.

(KNN Bureau)

MENAFN31012025000155011030ID1109153908