Nara Lokesh Pitches Andhra Pradesh as India's Next Corporate Investment Hub

Andhra Pradesh should become more than an investment destination and emerge as a corporate home for global businesses, State Minister for Education, IT, Electronics and RTGS Nara Lokesh said, inviting industrialists to invest in the state, explore emerging technologies and participate in its economic growth. Addressing the 31st CII Partnership Summit at Andhra University Grounds in Visakhapatnam, he highlighted the state's investment potential and commitment to building long-term business partnerships.

Lokesh said the government was focused on converting Trade, Technology and Trust into tangible investment opportunities. Assuring investors of administrative support, he offered direct access through phone calls and WhatsApp to address concerns and resolve issues quickly.

Since June 2024, Andhra Pradesh has received investment commitments worth ₹22.6 lakh crore, of which projects worth ₹17.2 lakh crore have secured approvals. Around 51 per cent have moved towards implementation, while projects involving ₹5.9 lakh crore have commenced construction. These investments are expected to create approximately 7.4 lakh jobs, he said.

Highlighting major corporate investments, Lokesh referred to LG Electronics' ₹5,000-crore manufacturing facility at Sri City and Google's proposed $15-billion investment in Visakhapatnam for an AI hub, gigawatt-scale data centre campus and subsea cable gateway. He also said Cognizant and TCS had begun operations in the city, with Cognizant planning a permanent campus expected to employ 25,000 people.

The minister highlighted the state's infrastructure, including its coastline of over 1,000 kilometres, existing port capacity and four upcoming greenfield ports at Ramayapatnam, Mulapeta, Machilipatnam and Kakinada. The Bhogapuram International Airport is also being developed with a 3,800-metre runway.

Lokesh announced plans for an Investor Protection Act and an escrow mechanism to ensure direct delivery of industrial incentives. He also cited projects by Raymond, Premier Energies and SSD Polymers as examples of industrial expansion.

Separately, renewable energy company ReNew signed agreements for two projects worth ₹29,500 crore, comprising a 2-GW pumped storage facility and a green ammonia/e-fuel project. The company also expressed in-principle interest in an additional ₹11,000-crore silicon manufacturing project.