PaperDabba News Desk – July 10, 2024. The global electric vehicle manufacturer WinFast is keen on investing Rs. 4,000 crore in Andhra Pradesh, as stated by State Industries, Commerce, and Food Processing Minister, Mr. T.G. Bharat.
WinFast’s Interest in Andhra Pradesh
WinFast, a renowned name in the electric vehicle industry, has shown a strong interest in establishing a manufacturing plant in Andhra Pradesh. The company’s CEO, Mr. Pham Nhat Vuong, along with other representatives, met with Chief Minister Mr. Chandrababu Naidu at the Secretariat to discuss potential investment plans.
Proposed Investment Details
According to Minister Mr. T.G. Bharat, the company is considering an investment of Rs. 4,000 crore. They are exploring the possibility of setting up an electric vehicle and battery manufacturing plant either in Orvakal, Kurnool district, or in Krishnapatnam. The state government is ready to provide all necessary land and infrastructure facilities to support this significant investment.
Government’s Commitment
Chief Minister Mr. Chandrababu Naidu assured that the state government is fully prepared to facilitate the investment by providing the required land and infrastructure. The final decision on the location of the plant will be made after a discussion on incentives within 30 days. Mr. T.G. Bharat emphasized that since Mr. Chandrababu Naidu became the Chief Minister, many industrialists have been showing interest in investing in Andhra Pradesh.
WinFast’s Vision
WinFast, a well-established company in Vietnam, aims to expand its footprint in the Indian market by leveraging Andhra Pradesh’s strategic location and industrial-friendly policies. The potential investment is expected to generate significant employment opportunities and boost the local economy.
The meeting between WinFast representatives and the Andhra Pradesh government signifies a promising step towards substantial economic growth and technological advancement in the state. The decision on the plant’s location and other details will be finalized soon, paving the way for a new era of electric vehicle manufacturing in Andhra Pradesh.
