Reliance to invest Rs 50,000 cr in AP
Giving a big boost to the investment climate in Andhra Pradesh, diversified conglomerate Reliance Industries led by In dia’s richest man Mr. Mukesh Ambani, made a commitment to invest a whopping Rs 50,000 crore in Andhra Pradesh over next three years.
Speaking to press persons Chief Minister Mr. Chandrababu Naidu said that Reliance would invest about $6 billion — roughly Rs 37,000 crore — in the oil and gas project. The mobile and setup box manufacturing unit will be installed by Reliance Jio Infocom, a subsidiary of RIL.
The Chief Minister said the investment can generate employment for about 25,000 people.
“The Tech Park at Tirupati will generate about 1 million cell phones per year initially and gradually increase its rate of production,” CM explained. Mr. Naidu expressed hope that the Institution of Excellence coming up at Amaravati would produce many entrepreneurs in the coming years.
Pointing out the increase in manufacturing activities in the state, IT Minister Nara Lokesh said in 2014 the percentage of mobile phones manufactured in Andhra Pradesh when compared to the rest of the country was zero. In 2017, it grew to about 20 per cent and once the tech park is set up around 80 per cent of Jio mobile phones will be made in the state.