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Andhra Pradesh is set to receive another major foreign investment, with a US and Japan joint venture announcing its entry into the state. The company stated that it is coming to AP with strong confidence in CM Chandrababu Naidu and the NDA government. It described the move as a great opportunity and expressed trust in the state’s leadership and industrial policies.
The company, Proterial, will invest 77 million dollars in Andhra Pradesh under the name Met Glass India. The unit will be set up at Sri City in Tirupati district. The project agreements were signed last year, and the company has now confirmed its operational plans. As per the agreement, the firm will receive tax exemptions for the first two years. In return, it is expected to provide employment opportunities to local youth.
The plant will manufacture alloy ribbons and related electrical steel products. Most of the production will be aimed at exports to international markets. In the first phase, around 200 local jobs are expected to be created. The company plans to begin operations from October this year and will use advanced Japanese technology at the facility.
So far, the AP government reportedly signed investment agreements worth nearly Rs 13 lakh crore across sectors. Land allotments and incentives are being extended to companies as part of the industrial push. With this latest US Japan joint venture entering the state, the government hopes to strengthen AP’s position as a major manufacturing and export hub.
Tags Proterial
