Andhra Pradesh State Investment Promotion Board (SIPB), headed by Chief Minister Y S Jagan Mohan Reddy, on Monday gave its nod for investments worth a total of Rs 23,985 crore in the state.
In the meeting held here, the board gave approval 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, an official release said.
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, JSW Steel will invest Rs 3,300 crore in the proposed plant and one million tonnes of steel per annum will be produced in the first year. Later, the plant will be upgraded to two million tonnes per year in the second phase and will eventually reach three million tonne capacity per annum, it said.
The Chief Minister asked the officials to ensure that the steel plant works commence as soon as possible and said it is a great effort in the process of changing the face of the backward Rayalaseema region. Besides, providing employment to thousands of people, directly and indirectly, many allied industries will be set up to provide more employment opportunities.
JSW Group, a USD 22 billion conglomerate engaged in steel, energy, manufacturing, cement and painting, is producing 27 million tonnes of steel annually.
Besides, the board approved 1,600 megawatts pumped hydro storage power project by Adani Green Energy Limited which will invest Rs 6,330 crore providing direct employment to over 4,000 people, the release said.
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 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, according to the release.
The SIPB has also cleared Rs 8,855 crore hydro storage projects by Shirdi Sai Electricals Limited which will set up two units at Yerravaram and Somasila to produce combined 2,100 MW power.
The company will set up a 1,200 MW project at Yerravaram and a second project of 900 MW at Somasila. The target is to commence the work in July 2023 and complete it in phases by December 2028.
After its commencement, the company will directly generate employment for 2,100 people, the CMO release said.