AP CM Chandrababu Naidu laid the foundation for three projects worth Rs 1201 crore by Raymond company. The major investment comes as part of the ongoing CII Investment Summit.
The company will manufacture equipment for the aerospace and defense needs of the country.
CBN praised Raymond for entering this key sector. The projects have been approved by the State Investment Promotion Board (SIPB) and the state cabinet.
JK Maini Global Aerospace Limited, a subsidiary of
Another subsidiary, JK Maini Precision Technology Ltd, will establish an automotive component manufacturing unit at Gudipalli. It will involve an investment of Rs 430 crore and is expected to create 4000 jobs.
Commercial production is scheduled to begin in May 2027. The government is supporting the projects with an incentive of Rs 700 crore. This is part of the initiative to develop an aerospace and automotive corridor in the region and boost employment and industrial growth.