AP investment board green-lights 3 major projects worth Rs 23,985 crs

The State Investment Promotion Board (SIPB), headed by Chief Minister Y.S Jagan Mohan Reddy, has given its nod for investments worth Rs. 23,985 crores in Andhra Pradesh.

By Newsmeter Network  Published on  12 Dec 2022 10:43 AM GMT
AP investment board green-lights 3 major projects worth Rs 23,985 crs

Amaravati: The State Investment Promotion Board (SIPB), headed by Chief Minister Y.S Jagan Mohan Reddy, has given its nod for investments worth Rs. 23,985 crores in Andhra Pradesh.

At the SIPB meeting held here on Monday, JSW Steel Limited's proposal to set up a steel plant in Kadapa at a cost of Rs. 8,800 crores and Adani Green Energy Limited and Shirdi Sai Electricals' proposal for pumped hydro storage projects were approved.

The officials informed the Chief Minister that JSW Steel Limited will invest Rs. 8,800 crores in two phases to set up the steel plant in Sunnapurallapalli village in Kadapa district.

In the first phase Rs. 3,300 crores will be invested by the company and one million tonnes of steel will be produced in the first year which will be upgraded to two million tonnes in the second phase and reach three million tonnes soon.

The Chief Minister asked the officials to ensure that the steel plant works commence as soon as possible. He said 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 and many allied industries will be set up, providing more employment opportunities.

Hydro storage power projects

SIPB also approved 1,600 MW pumped hydro storage power project. Adani Green Energy Limited will invest Rs. 6,330 crores and provide 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 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.

SIPB has also cleared 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. It 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 works in July 2023 and complete it in phases by December 2028. After its commencement, it will directly generate employment for 2,100 people.

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