Veteran bike company Royal Enfield is now going to make a big investment in Andhra Pradesh. The company has announced that it will invest about Rs 2,200 crore to set up a new manufacturing plant in the state. This is considered to be the company's first major expansion outside Tamil Nadu since its inception in 1901.
The company will build this new plant in Satyavedu Mandal of Tirupati district of Andhra Pradesh. This area is located near the border of Andhra Pradesh and Tamil Nadu. This new factory will be built in two phases. The company aims to increase its manufacturing capacity by about 9 lakh units. This will help a lot in making India a bike manufacturing hub across the world. This project has received approval from Andhra Pradesh State Investment Promotion Board.
Royal Enfield got this much land
The state government has allotted about 267 acres of land in Vannelluru and Rallakuppam villages of Satyavedu for this project. The construction of this plant is expected to provide employment to about 5,000 people. This will create new job and business opportunities for the local people.
The company will create a big ecosystem
The company said that in the first phase, a big vendor park will also be built along with the main factory. Through this vendor park, the company will also bring its supplier network to Andhra Pradesh. This will create a large ecosystem of automobile industry in the state and many small and big companies will also develop nearby.
The project will be completed by 2029
Royal Enfield says that this project will help in creating a world class automobile manufacturing cluster in Andhra Pradesh. The first phase of the project is targeted to be completed by 2029, while the second phase will be completed by 2032. Andhra Pradesh government has described this investment as a big achievement for the state. The government believes that with the arrival of this plant, industrial development in South Andhra Pradesh will get a new impetus. Besides, the possibility of new investments in sectors like automobile, electronics and renewable energy will also increase.
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