IT Minister Nara Lokesh is scheduled to lay the foundation stone for the project on May 8
| Photo Credit: File photo

In a major boost to Andhra Pradesh’s industrial landscape, home appliances manufacturer LG Electronics is set to establish a manufacturing unit in the Sri City near Tirupati, with an investment of ₹5,001 crore over the next six years.

HRD and IT Minister Nara Lokesh will lay the foundation stone for the project on May 8.

The proposed unit is expected to generate employment for 2,000 people, while an additional ₹839 crore will be invested in five ancillary units to manufacture key components such as compressors, motor compressors, and heat exchangers within the state itself, reducing dependence on imports.

The project follows Mr. Lokesh’s meeting with LG representatives from Japan in 2024, where the government’s industry-friendly policies and efforts to position Rayalaseema as an electronics hub were showcased.

The Andhra Pradesh government has fast-tracked the necessary clearances and incentives to facilitate the project. This development is part of a broader strategy that has attracted over ₹8 lakh crore in investments and created MoUs promising 5 lakh jobs in the past 11 months, according to Mr. Nara Lokesh.