Thirteen businesses signed memorandums of understanding (MoUs) with Sri City, pledging a combined investment of nearly 600 crore to build out businesses there.
The businesses that signed the contracts with Sri City come from many industries. They consist of TCI and Snowman Logistics (Logistics Solutions), Blue Star (consumer durables), MCNS (industrial chemicals), Mahabal Metals and Proto D (engineering), IRMRA (R&D), and Windar Renewables (energy), as well as Manpasand Beverages, Mabalam Iyers, Sri Lakshmi Agro, Shrisym Technologies, and Premium Ingredients (in food processing sector).The MoUs were signed on January 27 and 28 during the CII Partnership Summit.
In a statement, Sri City’s founder and managing director, Ravindranath Sannareddy, said: “In keeping with his “Made in AP” strategy, Sri City emerges as one of the most popular investment destinations, fostering local manufacturing, which will in turn foster employment growth and put the state’s and region’s economy on the fast track.”
The creation of jobs in the area is urgently needed. 2,000 workers would be employed by these clients, “Said he A Spanish company, Windar Renewables, is proposing to invest 130 crore, compared to Manpasand Beverages’ 150 crore.
