Raymond Group to Set Up Auto and Aerospace Units in AP

A combined investment of about ₹1,000 crore, the Raymond Group will establish two global manufacturing facilities in the Andhra Pradesh district of Anantapur.

This move will increase the company's presence in the automotive and aerospace industries; the automotive facility will be located in Tekulodu, while the aerospace facility will be built in Gudipalli.

Together with ₹695 crore in government incentives, the businesses will see a total investment of about ₹1,000 crore, creating about 5,400 jobs.

The State Investment Promotion Board (SIPB) has already approved the company's project proposals, according to a source with knowledge of the development.

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“Out of the total investment of ₹943 crore, the Andhra Pradesh government will give incentives of over ₹695 crore,” the source said. According to media reports, Raymond Group entered aerospace manufacturing by acquiring a controlling stake in Maini Precision Products (MPPL) in 2023 and is investing further in high-precision engineering, including auto and aerospace components.

Since the new government took power last year, the SIPB has cleared investments totaling approximately ₹6.3 trillion. The state had cleared incentives worth ₹314 crore for JK Maini Precision Technology and ₹430 crore for the automotive business unit in Tekulodu, which could directly employ over 4,096 people. JK Maini Global Aerospace will invest approximately ₹510 crore and create 1,400 jobs at a 47-acre campus in Gudipalli, with incentives for this venture potentially amounting to ₹380 crore.