YS Jagan lays stone for Rs.8,800 cr JSW Steel Plant in Kadapa
JSW Steel, a leading steel company based in Mumbai, partnered the Andhra Pradesh Government for setting up the plant
- Andhra Pradesh
NewsTAP Bureau- Updated On:16 Feb 2023 3:49 AM GMT
KADAPA: Andhra Pradesh Chief Minister YS Jaganmohan Reddy on Wednesday said that the State Government would be setting up a steel plant in Kadapa and develop Kadapa and its surrounding towns with a Rs 700-crore investment.
Speaking after performing the bhumi puja (ground-breaking ceremony) for the JSW Steel Plant at Sunnapurallapalli in Jammalamadugu mandal of Kadapa district, YS Jagan said, "The JSW steel plant, which will soon be constructed in Kadapa, will have ancillary units set up in its surroundings. We are developing National Highways and train routes around the city too. This will turn Kadapa into a 'Steel City'."
He also said that the establishment of an electronic cluster in Kopparthi, for which the Government had invested Rs 10,000 crores, would create one lakh jobs. Jagan said the area, despite its shortcomings, would march ahead with the JSW Group, which so far invested Rs. 1.7 lakh crore, coming forward to set up the steel plant.
JSW Steel, a leading steel company based in Mumbai, partnered the Andhra Pradesh Government for setting up the plant.
JSW Steel Chairman Sajjan Jindal said, "The Chief Ministers and others that I met in all other States are praising YS Jaganmohan Reddy and the development in Andhra Pradesh. The growth of GDP in the last three years is incredibly high, making Andhra Pradesh the fastest growing State. The reason for this development is the dedication of Jaganmohan Reddy. He is striving to develop all parts of the pyramid with useful schemes for everyone."
The first phase of the Kadapa Steel Plant, involving an investment of Rs. 3,300 crore and having an annual production capacity of 10 lakh metric tons, would be commissioned in 24 to 30 months and in the second phase, the production capacity of the Plant would be enhanced to 20 lakh metric tons with an additional investment of Rs. 5,500 crore. The Plant, coming up on 3,500-acre leased land, would provide direct and indirect employment to 25,000 persons.
The State had achieved first rank in the Ease of Doing business (EoDB), besides achieving a growth rate of 11.43 percent in 2021-22 and becoming the fastest growing state in the country, he said, adding it speaks volumes of its commitment for the development of industries. He further said that the Jagananna Industrial Hub would attract investments worth Rs.18,000 crore in the near future.
