The State Investment Promotion Board (SIPB) meeting held under the chairmanship of Chief Minister YS Jagan Mohan Reddy here on Thursday, gave its nod for setting up a 3700MW pumped storage project undertaken by Adani Green Energy at an investment of Rs 15,376 crore.
The Adani Green Energy project will be developed in four phases, where the first phase will be taken up in 2022-23 at a cost of Rs 1349 crore, second phase in 2023-24 with Rs 6984 crore, third phase with Rs 5188 crore and the final phase will be completed in 2025-26 with Rs 1855 crore creating a total employment of 4,000 jobs. Along with this project few other projects in Kadapa, Parvatipuram, Satya Sai districts were also cleared by the Board for generating green energy.
The SIPB approved setting up of a garment manufacturing industry by Punctuate World Pvt Limited at a cost of Rs 50 crore in Pulivendula and Kopparthi providing employment to 4200 people. The Board also gave a nod for Avisa Foods Pvt Ltd’s Shrimp Processing Industry at Mellavelli Foodpark of Krishna district at a cost of Rs 150 crore which would create 2500 jobs. Also, clearance was given to set up a hotel (VVPL) at Tirupati under the Novotel brand by investing Rs 126.48 crore and creating direct employment to 300 people and indirect employment to over 2700 people.
Further, the government decided to transform Kopparthi electronic park into a Textile Region Apparel Park, where a Mega Integrated Textile Region and Apparel Parks will be developed in 1200 acres to produce quality products at low manufacturing costs and to create better employment opportunities. The Chief Minister has instructed the officials to prioritize connecting the area with railways as the government will provide uninterrupted electricity, water and other infrastructure facilities to the parks.
Speaking at the meeting, the Chief Minister said that there is immense potential for green energy generation of over 30000 MW in the state, which requires about 90000 acres. He said that Green Energy projects are going to be of great benefit to farmers as they can earn a minimum lease of Rs 30,000 per acre as a fixed income, especially to those in rain-fed areas. He directed the officials to look at those projects for which MoUs have been signed and are yet to start their operations.
The Chief Minister said focus should be laid on bringing global companies investments and added there are good opportunities for investments in Electronics, Tourism and Hospitality sectors in the state. He said there are many electronic manufacturing industries in Kopparthi and added to ensure more global companies invest in that location. He instructed the officials to take steps to set up a railway line to Kopparthi for easy transportation of goods and added to give priority to it so that industrial growth will be expedited in Kopparthi. He said it is also important to connect Industrial nodes with railways and added that every node should be linked with railway lines.