Sri City likely to get more investors

Visakhapatnam: A top official of Andhra Pradesh Industrial Infrastructure Corporation has expressed satisfaction over progress in promoting business opportunities at Sri City.

During his maiden visit after taking over as the Vice-Chairman-cum-Managing Director of APIIC Raveen Kumar Reddy said nearly 190 industries had already invested in Sri City, an integrated business city developed at Tada in Chittoor district on the southern end of Andhra Pradesh and55 km north of Chennai. With robust infrastructure in one of the backward regions of the State, Sri City is spread over an area of 100 sq km with a Special Economic Zone, a Domestic Tariff Zone, Free Trade Warehousing Zone and an Electronic Manufacturing Cluster (EMC).

The FTWZ primarily caters to companies dealing in imports and re-exports, packaging, warehousing and distribution in the local markets. In line with the 'Make in India' and 'Make in AP', the dream campaigns of the Central and State, Sri City had emerged as one of the best global manufacturing hubs in the country, a spokesperson for the integrated business city told Bizz Buzz. During the year, seven new customers signed MoUs, at a committed total investment worth Rs. 1,158 crore and have scope to offer employment to over 2,378 people.

The management is confident of attracting more investors once curbs on foreign travel are removed following success of Covid vaccine.

Reddy said during the visit on Sunday that the business city had created world-class facilities. He said facilities had been created on par with international benchmarking. Appreciating the initiatives taken by Sri City management in developing such a mega industrial park in a backward region, he expressed happiness that many more were showing interest to invest in the area.