GoAP and Amara Raja Group (ARG) signed a MoU for infrastructure and industrial development in Andhra Pradesh
Approximately INR 5,000 crore to be invested over next 2-3 years
Expected to generate almost 10,000 new jobs directly and 20,000 jobs indirectly
Visakhapatnam, January 11, 2016: The Amara Raja Group (ARG) and the Government of Andhra Pradesh (GoAP) today signed a Memorandum of Understanding (MoU) for direct investment in Andhra Pradesh in the fields of Electronics, Energy storage, Automobile Components, IT & Telecom Components, Food Processing, Infrastructure and Services.
This was announced at the 22nd CII Partnership Summit & 1st Sunrise Andhra Pradesh Investment held in Visakhapatnam on 11th Jan 2016. Under the terms of the MoU, ARG and GoAP 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.
Also speaking on the occasion, Dr. Ramachandra Naidu Galla, Chairman, Amara Raja Group said,