Additive Manufacturing (AM), notably the Laser Powder Bed Fusion (LPBF) process, can be used to fabricate intricate and critically shaped aerospace components, including Launch Vehicle components such as fuel nozzles, turbine blades, and propulsion components. This would significantly reduce the number of parts in the assembly, time, and cost. However, the rapid heating and cooling cycles in an LPBF process induce residual stresses in the fabricated components, limiting their usage. Achieving dimensional precision and preventing early component fatigue failure necessitates an accurate assessment of the residual stresses present in the fabricated component. The development of Thermo-Mechanical (TM) models for this purpose is crucial, given the many process variables that can affect the residual stress generation during the LPBF process. This is mainly because direct experimental measurement of these stresses can be costly and time-intensive. The present study attempts to develop robust and computationally efficient Thermo-Mechancial FE models to simulate the LPBF process and predict the residual stresses induced in LPBF fabricated Ti6Al4V components. After validating the model, the developed TM models were deployed to study the effect of important process variables like base platform preheating and laser scan velocity on the residual stresses induced on these components. Based on the simulation study, an attempt is made to identify the critical process variables and optimise them to minimise the residual stresses induced in the fabricated component.