CM virtually inaugurates 5 firms in Sri City, lays stone for Raymond units

Visakhapatnam/ Sri City: Sri City emerged as one of the biggest gainers at the Partnership Summit 2025 in Visakhapatnam, securing a remarkable Rs 31,450 crore in fresh investments and an estimated 1.1 lakh employment opportunities. The announcements came on the second day of the summit, where Chief Minister N Chandrababu Naidu virtually laid foundations for Raymond projects, inaugurated five new manufacturing units in Sri City, witnessed exchange of MoUs with 12 companies and handed over government orders to Daikin, Proterial (Metglas), and Sri City for its Phase 2 expansion.

Of the projected jobs in Sri City, 70,600 are expected to be direct employment opportunities and 39,400 indirect, signalling a major boost for the region’s industrial ecosystem. Calling Sri City a ‘Model of Industrial Excellence’, the Chief Minister praised its rapid evolution into one of India’s most vibrant industrial townships. He said the latest MoUs, inaugurations, and GOs represented a transformative investment commitment of over Rs 31,450 crore, bringing with it more than 1.1 lakh jobs. He urged Sri City to accelerate its global footprint.

Reaffirming the government’s support, he announced the sanction of an additional 2,500 acres to propel Sri City’s next phase of growth and help achieve the ambitious goals of 50 countries’ presence in the integrated business city with 500 industries, and 1.5 lakh jobs.

He also underlined the need for an airstrip to strengthen international connectivity and advocated for future-ready, net-zero industrial systems built on renewable energy, sustainable water solutions, and shared infrastructure.

Naidu said that Rayalaseema is marching ahead in industrial growth. He said the Kia company set up cars factory and the state government was determined to develop Drone city, Space city, Aerospace, Defence corridors in the region.

He said the Raymonds company came forward to set up an Auto component manufacturing plant near the Kia factory. The group came forward to set up three companies at a cost of Rs 1,201 crore providing employment opportunities to 6500 youth.

Sri City MD Dr Ravindra Sanna Reddy said that the occasion marked an extraordinary milestone. Within just one year of the Chief Minister’s previous visit, Sri City has been celebrating multiple inaugurations, MoUs, and GO exchanges. He thanked the Chief Minister and affirmed Sri City’s commitment to achieving the vision of hosting 50 countries within the next two years.

Hailing the industry friendly policies, Raymond company group CEO Goutam Maini said that their group came forward to invest in aerospace, defence sectors. The Raymonds group signed MoUs of three projects with an investment of Rs 1201 crore including Silver Spark Apparel park, JK Maini global precision limited, JK Maini Global Aerospace Limited. The Apparel manufacturing unit will come up in Raptadu at a cost of Rs 497 crore, auto component manufacturing unit in Gudipalli, and Aerospace components unit in Tekulodu village.