Lokesh lays stone for LG plant at Sri City
Tirupati:
Nara Lokesh
, state minister for HRD, IT & electronics, laid the foundation stone for
LG Electronics manufacturing plant
at Sri City in Satyavedu assembly constituency of Tirupati district on Thursday.Chief minister Chandrababu Naidu said on social media platform X, "Delighted to welcome the new manufacturing unit of LG Electronics to Andhra Pradesh.
With a combined investment of Rs.5,400 crore and 2,500 plus direct and indirect jobs in Sri City, LG Electronics and it's vendors are partnering with govt of AP to transform it into a global manufacturing hub.""This milestone project has received 100% incentives under the first state investment promotion committee (SIPC), marking the beginning of a new exiting chapter for industrial growth in the state", the CM asserted.Andhra Pradesh govt has allocated 247 acres of land for the facility in Sri City. The facility will manufacture advanced, smart, and energy-efficient home appliances, including refrigerators, air conditioners, and washing machines, as well as key components like compressors.Once fully operational, the plant is expected to have an annual production capacity of 8,00,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners, and two million air conditioner compressors. The production is slated to begin manufacturing air conditioners in 2026, followed by a phased roll out of washing machines, refrigerators, and compressor lines through 2029.The new plant is projected to generate around 1,900 direct and indirect jobs. Additionally, LG's vendor partners are expected to invest further, creating more employment opportunities.Hong Ju Jeon, managing director of LG Electronics India, said, "This will be LG Electronics India's third manufacturing plant in the country, after their existing facilities in Greater Noida, Uttar Pradesh, and Pune, Maharashtra. This new plant in Sri City is strategically located to enhance LG's production capacity, strengthen its supply chain in South India, and meet the growing demand for its products in the India and potentially for exports to South Asia and the middle east."
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