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Raymond Group to invest Rs 940 crore in Andhra Pradesh; 5,500 jobs to be created
Raymond bets on Andhra Pradesh with Rs 940 crore investment in aerospace, auto sectors
Raymond Group to set up aerospace, auto units in Andhra Pradesh.
The Andhra Pradesh government has approved Raymond Group’s Rs 940 crore investment to set up manufacturing facilities for aerospace and automotive components, according to a report by PTI. The move is expected to generate around 5,500 direct jobs in the state.
In a media statement, the state government said it cleared two major investment proposals from the Raymond Group on Wednesday under the Industrial Development Policy 4.0.
Raymond Group’s subsidiary, JK Maini Global Aerospace Limited, will establish an advanced aerospace manufacturing facility in Sathya Sai district with an investment of Rs 510 crore. The facility is expected to create 1,400 direct jobs and will produce precision components for global original equipment manufacturers (OEMs) and Tier-1 suppliers.
According to the Telugu Desam Party (TDP), this marks Andhra Pradesh’s first aerospace investment under its new Aerospace Policy.
Another subsidiary, JK Maini Precision Technology Ltd, will set up an automotive component manufacturing unit at Gudipalli, involving an investment of Rs 430 crore and creating around 4,100 jobs.
Commercial production from both projects is expected to commence by May 2027.
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