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SIPB approves 6 projects
SIPB approves 6 projects, Medical Devices Park, State Investment Promotion Board. SIPB also discussed an exclusive policy for development of the Life Sciences sector in Andhra Pradesh.
- Total investment of Rs 6,500 crore to provide 18,500 jobs
- Plans to develop Life Sciences sector; setting up Medical Devices Park
- Promotion of infrastructure under PPP mode
Hyderabad: The State Investment Promotion Board (SIPB) approved six major investment proposals with a total investment of Rs 6, 500 crore. They would help generate employment for 18,500 people. SIPB met under the chairmanship of Chief Minister N Krian Kumar Reddy on Saturday. These proposals include large multinational companies such as PepsiCo, Cadbury, Colgate, Johnson & Johnson, Gerdau Steels and ITC (Expansion).
SIPB also discussed an exclusive policy for development of the Life Sciences sector in Andhra Pradesh. This policy aims US $13.5 billion market by 2019 with emphasis on biotechnology, medical devices, bio services, pharmaceuticals and nutraceuticals.
This policy will lead to Rs 20,000 crore of new investment and 50,000 skilled jobs besides augmenting exports to Rs 60,000 crore by 2019. The policy will be implemented in mission mode over a period of five years. A number of initiatives have been proposed in the policy including promotion of infrastructure under PPP mode and setting up a Medical Devices Park. The State will become a major attraction for the Life Sciences industry in the coming years.
Ministers Anam Ramnarayan Reddy, N Raghuveera Reddy, Pithani Satyanarayana, G Prasad Kumar, Chief Secretary P K Mohanty and other officials attended.
