Andhra Pradesh Chief Minister YS Jagan Mohan Reddy announced that the state had attracted investment proposals worth Rs 13 lakh crore, on day 1 of the state’s Global Investor Summit 2023. The majority of these MOUs would be signed on Friday itself, the chief minister added.

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“It is a proud moment to announce that we have received 340 investment proposals worth Rs 13 lakh crore providing employment to 6 lakh people across 20 sectors,” said Jagan while speaking at the investor summit, “As of today, we will execute 92 MOUs with Rs 11 lakh crore being invested, and the remaining will be executed tomorrow.”

Leading the list of investments in Andhra Pradesh was a bevy of renewable energy companies. NASDAQ-listed ReNew led the way with an investment of Rs 97,500 crore towards setting up green energy projects in the state. “Andhra Pradesh will account for ReNew’s largest-ever investment in a single state,” said CEO Sumanth Sinha, “We are investing in green hydrogen, solar panel manufacturing and supply chain.”

Also read: Andhra will emerge as a leading player in new India's growth story, says Mukesh Ambani | Global Investors Summit 2023

Other renewable energy companies like Indosol and Greenko announced investments of Rs 76,033 crore and Rs 47,500 crore, respectively.

At the Global Investor Summit, big names in Indian industry announced expansion of their business interests in Andhra Pradesh. Reliance Industries Ltd announced the setting up of a 10 GW solar power project in the state; Chairman Mukesh Ambani also announced a sizeable investment from Reliance Jio.

“Reliance will continue partnering with Andhra Pradesh and making investments,” said the RIL Chairman, “We are creating the largest network in the state through Jio by investing Rs 40,000 crore in Andhra Pradesh. Reliance Industries will also invest in a 10 gigawatt solar energy project, here.”

Also read: Global Investment Summit 2023: Andhra Pradesh is eyeing big investments in these sectors

Days after Adani Group chairman Gautam Adani gave the UP investor summit a miss, he was conspicuous by his absence at the Andhra summit as well. However, in a first, his son and CEO of Adani Ports and SEZs, Karan Adani, attended an investor summit, and announced expansion of capacities at the Adani-run Krishnapatnam and Gangavaram ports.

The Adanis’ participation at the summit is significant in the light of recent news on US-based GQG Partners coughing up $2 billion to invest in four Adani Group companies, in the aftermath of the debilitating Hindenburg report that has seen the group’s market cap shrink many times over.

“A 20,000-crore-rupee investment has already made in Andhra Pradesh’s ports; we now aim to add another 100 million metric-tonne in capacity to the Gangavaram and Krishnapatnam ports,” said Karan, “We are also developing a 400-MW data centre in Vishakapatnam.”

Other familiar names in India Inc like the Aurobindo Group and Jindal Steel and Power have announced investments of Rs 10,000 crore each, in the state. “A 3 million metric tonne steel plant will be set up in Krishnapatnam with an investment of Rs 10,000 crore,” said JSPL chairman, Naveen Jindal, “The plant will provide 10,000 jobs in the state.”

Shree Cement and the GMR Group announced investments worth Rs 5,000 crore per company. “We will be inveswting Rs 5,000 crore towards the development of a greenfield airport in Bhogapuram,” said GMR Group chairman, GM Rao, “In its first phase, the new airport will cater to 6 million passengers; it will cater to 40 million once development is completed.”

Also read: Ahead of Global Investors Summit, Andhra Pradesh govt to host roadshow in Bengaluru

First Published:Mar 3, 2023 3:11 PM IST