The Amara Raja Group (ARG) has signed a memorandum of understanding (MoU) with the Andhra Pradesh Government for its direct investment in the State, mainly in areas like electronics, energy storage, automobile components, IT & telecom components, food processing, infrastructure and services.
Under the terms of the agreement signed in Visakhapatnam on January 11, ARG and the State Government expressed their commitment to an investment of approximately Rs. 5,000 crores, which is expected to generate about 10,000 direct jobs and 20,000 indirect jobs over a period of 2-3 years.
Signing the agreement, Dr. Ramachandra Naidu Galla, Chairman, Amara Raja Group, highlighted the importance of improving infrastructure and accelerating industrial development in Andhra Pradesh, and welcomed mutual co-operation for facilitating investments in the State.
Speaking on the occasion, he observed: “At Amara Raja we always have our focus on development of the State. This MoU provides us a great opportunity to help create the infrastructure for rapid industrialisation. With the co-operation of the State Government, we are confident that we will be able to make Andhra Pradesh an industrial hub and attract investments from both national and global players”.
Mr. Jayadev Galla, ARG Vice Chairman, commented: “This is a very important collaborative effort by industry and the Government which paves for all-round industrial development and employment opportunities for the people of the State.”