The Chief Minister of Andhra Pradesh, N. Chandrababu Naidu, has led the Andhra Pradesh State Investment Promotion Board (SIPB) in approving new investments worth Rs 85,083 crore. These investments are expected to create around 34,000 jobs.

During a meeting on November 19, the SIPB cleared proposals for 10 heavy industries, including a major integrated steel plant by ArcelorMittal and Nippon Steels at Bagaraiahpeta. This steel plant will invest Rs 61,780 crore and employ approximately 21,000 individuals.

Other investments include LG Electronics India Pvt Limited, which will invest Rs 5,001 crore and generate 1,495 jobs, and Kalyani Strategies System Limited, which will establish a plant with an investment of Rs 1,430 crore, providing 565 jobs. Phillips Carbon Black Limited plans to invest Rs 3,798 crore and create 200 jobs, while Azad India Mobility Limited will invest Rs 1,046 crore, resulting in 2,381 job opportunities. Minister Nara Lokesh expressed optimism about the job creation potential, indicating that this is just the beginning of further investments and employment opportunities in the state.