AP Summit: Amara Raja Group pledges Rs 5,000-crore investment

VISAKHAPATNAM: Amara Raja Group has committed an investment of Rs 5,000 crore in Andhra Pradesh across business verticals such as electronics, auto, IT, energy and infrastructure.

The company signed an MoU with the Andhra Pradesh government yesterday during the 22nd CII Partnership Summit and 1st Sunrise Andhra Pradesh Investment Summit being held here, Amara Raja Group (ARG) said in a statement.

"Under the terms of the MoU, ARG and GoAP have committed to an investment of approximately Rs 5,000 crore, which is expected to generate approximately 10,000 new jobs over a period of 2-3 years directly, and 20,000 jobs indirectly," the ARG said.

Signing the agreement, 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 state.

Speaking on the occasion, Galla, said, "At Amara Raja we always had the focus on development of the State. This MoU provides us a great opportunity to help create the infrastructure for rapid industrialisation. With the cooperation of the GoAP, we are confident that we will be able to make the state an industrial hub and attract investment from both national and global players."

Speaking on the occasion, Jayadev Galla, Vice Chairman of Amara Raja Group said, "This effort is a very important collaborative effort by industry and government which paves for all round industrial development and employment opportunities for the people of the state."

Under the MoU, the state government would facilitate necessary assistance for Amara Raja Group support for the company's increased participation in significant projects in sectors like telecom, auto, IT, energy, food processing, services, among others in Andhra Pradesh, wherever feasible, it said.