A Year Of Milestones: Sri City’s Growth Story In 2024

Sri City Integrated Business City in Andhra Pradesh’s Tirupati district showcased a stellar performance in 2024, marked by significant economic contributions, job creation, and sustainable initiatives. Dr Ravindra Sannareddy, Founder and Managing Director of Sri City, expressed his satisfaction, stating, "2024 has been another remarkable year for Sri City. We deeply appreciate the unwavering support of our esteemed partners and the cooperation of State and Central governments, which strengthen our dedication to sustainable growth."

Here’s an in-depth look at the key achievements and events that defined the year for Sri City.

Significant events

Sri City hosted several high-profile events and visits throughout the year. On August 19, Andhra Pradesh Chief Minister N Chandrababu Naidu and Industries Minister TG Bharath attended the Sri City Pragathi Utsavam. During this event, they inaugurated newly commissioned industries, performed groundbreaking ceremonies for upcoming companies, and witnessed the signing of MOUs with new investors. The Chief Minister also inaugurated a state-of-the-art fire station and laid the foundation for a Hi-Tech police station, boosting infrastructure and safety within the industrial hub.

On March 6, Dr Hari Babu Kambhampati, Governor of Mizoram, visited Sri City. During his interaction with industry CXOs, he praised the region’s infrastructure, its investor-friendly policies, and its transformative impact on employment and skill development. Later in the year, on November 14, BVR Subrahmanyam, CEO of NITI Aayog, commended Sri City during an interactive session with industry leaders, highlighting its vibrant diversity and accomplishments. Similarly, on October 29, Industries Minister TG Bharath unveiled the Andhra Pradesh’s new industrial policy to corporate leaders in Sri City.

A crowning achievement was the celebration of Isuzu Motors India rolling out its 1,00,000th ‘Made in India’ vehicle—the renowned Isuzu D-MAX V-Cross—on December 18. The vehicle was unveiled by Dr N Yuvaraj IAS, Secretary, Industries & Commerce Department, government of Andhra Pradesh.

Investment boom, manufacturing prowess, job creation

Sri City continued its upward trajectory as an industrial powerhouse in 2024. Fifteen MOUs were signed during the year, bringing in a committed total investment of Rs 3750 crore. These investments are expected to create over 17,000 jobs. Nine companies began construction of their manufacturing plants, and 16 units transitioned into the operational phase.

Additionally, nine existing production units expanded their facilities to capitalize on emerging opportunities, underscoring the region’s manufacturing prowess. Sri City also emerged as India’s premier hub for air conditioner manufacturing, hosting major players such as Daikin, Blue Star, Amber, EPACK Durable, and Havells. The influx of supply chain companies like Nidec further cemented this position.

Distinguished visitors and delegations

Sri City’s reputation as a preferred investment destination was reflected in the visits of high-ranking officials and delegations. Dignitaries from Belgium, Japan, Reunion Island of France, and Russia, along with the Indian Ambassador to Japan, explored the city’s business potential. Delegations from Singapore, Belorussia, and Japanese prefectures Hiroshima and Toyama also expressed interest in the region.

Domestic visits included a 100-member delegation from the Jain International Trade Organisation (JITO) and officials from Singapore’s Enterprise Singapore (ESG) agency. The seventh Jagriti Yatra, comprising 350 budding entrepreneurs, applauded Sri City’s role in fostering manufacturing and job creation. Trainee IAS and IPS officers, as well as delegations from other states, studied Sri City’s integrated business model.

Sustainability initiatives

Sri City’s commitment to sustainability garnered widespread acclaim. Its eco-friendly infrastructure and green practices earned recognition as a global leader in sustainable development. The city’s model provides a blueprint for environmentally conscious growth, ensuring that industrial advancement aligns with environmental stewardship.

During a recent cyclone, proactive measures ensured near-normal operations, highlighting Sri City’s disaster preparedness. Efforts to achieve self-sufficiency in housing, social infrastructure, and sustainable practices further underscored its dedication to Atmanirbhar Bharat.

Accolades and recognitions

Sri City received several prestigious awards in 2024. The Herald Global International Brand Advertising Research and Consulting’s (BARC) ‘Brand of the Decade’ award at the Goalfest Conclave and the Confederation of Indian Industry’s (CII) CFO Excellence Award recognized its exemplary business practices and growth. Individual industrial units such as Venture Automotive, IFF, Tata Smartfoodz, Axxelent Pharma, and Mango Resort also earned accolades for their achievements.

Corporate Social Responsibility (CSR)

Sri City’s contributions to social welfare stood out in 2024. The Sri City fraternity collectively donated Rs 1 crore to the district disaster relief fund to aid flood recovery efforts. Numerous industrial units, including the Sri City Japanese Companies Association (SJCA), Parksons Packaging, NS Instruments, and Unicharm, executed CSR projects focused on education, healthcare, and community development, with a cumulative expenditure exceeding Rs 3.08 crore.

Additionally, companies like Mondelez, Colgate, and Kellogg’s implemented extensive CSR programs benefiting the region. The Sri City Foundation organized blood donation drives, dental and eye screening camps, and collaborated with SRMC Health Centre to conduct medical camps, reinforcing its commitment to community welfare.

Beyond business: Building a vibrant community

Sri City’s accomplishments extended beyond economic milestones. Srivani, its spiritual and literary forum, enriched the community through cultural, spiritual, and literary events. Highlights included Bhagavata Saptaham, Thyagaraja Aradhana with Carnatic music performances, Ugadi Awards honoring achievers, and discourses by luminaries like Kiranprabha and cine historian SV Rama Rao. These events fostered connection and creativity, enhancing the cultural fabric of Sri City.

The road ahead

As Sri City looks to the future, its focus remains steadfast on growth, sustainability, and inclusivity. Plans are underway to expand its industrial base, attract further investments, and nurture a thriving knowledge economy. With its unwavering commitment to continuous improvement and innovation, Sri City is poised to solidify its position as a beacon of economic prosperity and sustainable development in India.