As many as six companies went on stream and seven others commenced civil works in Sri City in 2018, according to a top official.
“We call it eventful, as it witnessed an array of important events and developments such as ground-breaking ceremonies, plant inaugurations, visits of foreign diplomats, dignitaries, tours of business delegations, meetings and seminars,” said Ravindra Sannareddy, founder-managing director, Sri City.
Expanding capacity
During 2018, more than 20 new customers entered into memoranda of understanding with the Andhra Pradesh government to invest about ₹3,826 crore. Of these, seven firms commenced civil works, six went on stream and a few others ramped up production capacity, he said.
Sri City, which is a ‘smart, integrated business city’, is located about 70 km from Chennai. It has been attracting significant fresh investments. Hero MotoCorp has committed to invest ₹1,600 crore while Alstom is planning to double the number of production lines.
In the last 10 years, Sri City has attracted investments worth more than ₹28,000 crore.
Currently, it houses over 180 companies from 27 countries such as Pepsi, Kellogg’s, Isuzu, Mondelez, Alstom, Kobelco and Foxconn, among others.
Besides, it houses a Technical Skill Development Institute, Krea University and postal financial services.
Separately, the Ministry of Commerce and Industry has nominated Mr. Sannareddy as a member of the committee constituted for reviewing the Special Economic Zone policy in the country.