The Andhra Pradesh Investment Promotion Board has approved three major investments worth Rs 23,985 crore in the state, including the JSW Steel Limited proposal to set up a steel plant in Kadapa at a cost of Rs 8,800 crore.
Pumped hydro storage projects of Adani Green Energy Limited and Shirdi Sai Electricals are the other two major business plans cleared in the board meeting on Monday chaired by Andhra Pradesh Chief Minister Jaganmohan Reddy.
JSW Steel investment of Rs 8,800 crore will be done in two phases for setting up the plant in Sunnapurallapalli village in Kadapa, CM’s home district. Under the first phase, about Rs 3,300 crore will be invested and the first year will witness a production of 10 lakh tonnes of steel.
CM Reddy asked officials to ensure that the steel plant works commence as soon as possible, and opined that the plant will help uplift the economy of the backward Rayalaseema region. “Thousands of locals will get employment directly and indirectly.
Many allied industries will be set up providing more employment opportunities,” Reddy said.
The APSIPB has approved a 1,600 MW pumped hydro storage power project of Adani Green Energy Limited, with an investment of Rs 6,330 crore and providing direct employment to over 4,000 people.