Amaravati (Andhra Pradesh) [India], September 18 : The State Investment Promotion Board (SIPB), chaired by Andhra Pradesh Chief Minister N Chandrababu Naidu, on Friday approved 10 IT projects involving investments worth Rs 526.25 crore, with several projects set to come up in Visakhapatnam, as per the release.
The approvals are expected to give a major boost to IT investments and employment opportunities in Visakhapatnam, as several major companies have received the go-ahead to establish their operations in the city.
The investment push is being led by IT Minister Nara Lokesh, with the latest SIPB approvals aimed at strengthening Andhra Pradesh's technology ecosystem and creating large-scale employment opportunities in Visakhapatnam.
Among the major projects approved by the SIPB is Deloitte's proposal to invest Rs 43.75 crore to establish a state-of-the-art operations centre in Visakhapatnam. The centre will have a capacity of 2,500 seats.
Muthoot Fincorp has also received approval for an investment of Rs 100 crore to establish IT and Artificial Intelligence operations in Visakhapatnam. The proposed facility will have a capacity of 2,400 seats.
A key feature of Friday's approvals is the focus on quantum technology, with seven of the 10 IT projects approved by the SIPB involving quantum technology.
The projects are expected to strengthen Visakhapatnam's position as a technology and IT hub while attracting investments and generating employment opportunities in the state.
The approvals come as the Andhra Pradesh government continues efforts to attract IT companies and expand the state's technology sector, particularly in Visakhapatnam.