Andhra Pradesh Chief Minister N Chandrababu Naidu recently inaugurated five industrial units in Sri City and witnessed agreements for 12 additional projects worth Rs 2,320 crore at the 30th CII Partnership Summit. The upcoming investments — across engineering, food processing and pharmaceuticals — are expected to create 12,365 jobs.

Naidu said Sri City has become one of India’s leading industrial townships, home to global manufacturers such as Daikin, Isuzu and Cadbury. He added that 6,000 acres will soon be allocated to support further expansion, enabling companies from more than 50 countries to operate from the hub.

The Chief Minister also announced plans for an airstrip near Sri City, projecting that the township will employ 1.5 lakh people in the near future. Located in Tirupati district, Sri City comprises a multiproduct SEZ, DTZ, FTWZ and an electronics manufacturing cluster.

Naidu further highlighted that Andhra Pradesh will introduce escrow accounts for industrial incentives — a first-of-its-kind initiative in the country.