New Era for Andhra Pradesh: LG's ₹5,000 Crore Manufacturing Hub in Sri City
Andhra Pradesh IT Minister Nara Lokesh announced a significant new LG manufacturing unit in Sri City. The factory, costing ₹5,000 crore, will produce various appliances and create jobs, symbolizing a landmark in India's industrial growth. The project aligns with investments from LG's partners further boosting employment.
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In a major industrial development for Andhra Pradesh, IT Minister Nara Lokesh inaugurated an LG manufacturing unit in Sri City valued at ₹5,000 crore. This facility is set to become a manufacturing hub for eight lakh refrigerators, 8.5 lakh washing machines, and 1.5 million air conditioners annually.
The 247-acre facility is anticipated to generate about 1,900 direct and indirect jobs. Nara Lokesh emphasized that the project represents more than just industrial growth; it is a testament to India's strides in technological and industrial advancements.
Commencing operations in 2026, the new plant will introduce a phased production approach, starting with air conditioners, followed by washing machines, refrigerators, and compressors by 2029. Besides reducing import dependency by producing key components like compressors within the state, LG's vendor partners will also contribute with an investment of ₹839 crore, creating an additional 700 jobs.
(With inputs from agencies.)
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