Tirupati district bags huge investments at Vizag summit

TIRUPATI

Tirupati district attracted huge investment proposals during the two-day Global Investors Summit (GIS) 2023, which concluded in Visakhapatnam on Saturday.

This includes proposals worth ₹10,000 crore at electronic manufacturing clusters (EMCs) in Renigunta and Kadapa, which would generate 29,000 jobs. Several Memoranda of Understanding (MoU) were signed with companies and entrepreneurs, who evinced interest in the region, thanks to its road, rail and air connectivity.

“In all, eight companies came forward to establish units with a combined investment of ₹1,0072 crore and an employment potential of 29,000 jobs,” said M. Gouthami, Chief Executive Officer, EMC.

The investors include Sunny Oppotech India Pvt. Ltd. that came up with proposals worth ₹2,500 crore to make mobile camera modules, TCL Group with ₹5,000 crore for panel manufacturing, Clair Electronics with ₹90 crore to make LED lighting, NeoLync with ₹300 crore for making 5G products, S2P with ₹850 crore to make solar cells, Celkon Resolute with ₹1,200 crore to make TV panels and Virtual Maze with ₹80 crore to make GPS trackers.

The summit also witnessed new investments and virtual inaugurations totalling ₹7,075 crore in Sri City, which is also in Tirupati district. Five companies proposed establishment of new units whereas 14 signed MoU for plant expansions.

Seven of the 14 units that were virtually inaugurated by Chief Minister Y.S. Jagan Mohan Reddy are in Sri City. The companies include Kimberly Clark and Blue Star (both into consumer durables), Amber Enterprises and Havells India (electrical and electronics), Axxellant (formulations), NGC (renewable energy) and Chart Industries (engineering). The investments are expected to generate 17,500 jobs.