Wednesday, May 22, 2024

Rs 23,985 cr investments okayed in AP

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PNS|Vijayawada

The State Investment Promotion Board (SIPB), headed by Chief Minister YS Jagan Mohan Reddy, has given its nod for an investment of Rs 23,985 crore in the State. The SIPB meeting, held here on Monday, has given its nod for JSW Steel Limited’s proposal to set up a steel plant in Kadapa at a cost of Rs 8,800 crore and for pumped hydro storage projects to be set up by Adani Green Energy Limited and Shirdi Sai Electricals.

The officials informed the Chief Minister that JSW Steel Limited will invest Rs 8,800 crore in two phases for setting up the steel plant in Sunnapurallapalli village in Kadapa district. In the first phase, Rs 3,300 crore will be invested by the company and 1 million tonnes of steel will be produced in the first year. In the second year, Subsequently, production will be upgraded to 2 million tonnes and thereafter to 3 million tonnes.

The Chief Minister asked the officials to ensure that the steel plant works commence as soon as possible. He said that it is a great effort in the process of changing the face of backward Rayalaseema. Besides, thousands of people will get employment directly and indirectly. Many allied industries will be set up, providing more employment opportunities.

JSW Group, a 22 billion dollar entity engaged in steel, energy, manufacturing, cement, and painting, is producing 27 million tonnes of steel annually. JSW has factories in Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh, and Odisha.

The Board approved 1,600 MW pumped hydro storage power project. Adani Green Energy Limited will invest Rs 6,330 crore providing direct employment to over 4,000 people. The company will set up a 1,000 MW plant in Pedakota of Alluri Sitarama Raju district and a 600 MW plant at Raiwada in the Anakapalli and Vizianagaram districts. The project is proposed to commence work in December 2024 and is set to be commissioned within four years. Around 4,196 million units of electricity per year will be produced. The SIPB has also cleared the Rs 8,855 crore hydro storage project. Shirdi Sai Electricals Limited will set up two projects at Yerravaram and Somasila to produce 2,100 MW.

The company will set up a 1,200 MW project at Yerravaram and the second project of 900 MW at Somasila. The target is to commence the works in July 2023 and complete it in phases by December 2028. After its commencement, the Company will directly generate employment for 2,100 people.

Deputy Chief Minister (Panchayati Raj, Rural Development Department) Budi Muthyala Naidu, Finance, Planning and Legislative Affairs Minister Buggana Rajendranath, Minister of Commerce, Investment, Infrastructure and IT Gudivada Amarnath, Minister of Agriculture, Cooperatives, Marketing and Food Processing Kakani Govardhan Reddy, Chief Secretary Dr KS Jawahar Reddy and Industries Department Special CS Karikal Valaven were among those present.

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