With an emphasis on garments, among other sectors, Raymond Group intends to invest Rs. 1,200 crore (US $ 139 million) in Andhra Pradesh in response to growing industrial interest in the region.
The State Government made the statement as part of its aggressive effort to draw in investment. To encourage industrial activity, Andhra Pradesh is providing capital subsidies of up to 30% and a ten-year, 100% power duty exemption.
Raymond’s investment is one of 19 industrial proposals that the Andhra Pradesh government has authorised. Projects of Rs. 28,546 crore (3.31 billion) were approved at the seventh State-Level Investment Promotion Board (SIPB) meeting. It is anticipated that the 19 projects that have been approved will create jobs for 30,270 people throughout the state.
With a projected job creation potential of 4,73,969 positions, the SIPB has approved investments of Rs. 5,34,684 crore (US $ 62.07 billion) over seven meetings since its start, indicating Andhra’s deliberate push to become a national hub for manufacturing and innovation.
