Jindal to invest Rs 7,500 crore in steel plant at Nellore; generate 17500 jobs
The government said Jindal Steel and Power Limited (JSPL), a part of OP Jindal Group, wants to set up 2.25 MTPA Integrated Steel Plant for manufacturing of TMT bars and wire rods with an investment of Rs 7,500 crore (excluding land cost) in the next four years.
By Newsmeter Network Published on 16 July 2021 5:00 AM GMT
Vijayawada:Andhra Pradesh government has allotted 860 acres of land to Jindal group l to set up a steel plant in the Nellore district of Andhra Pradesh.
The steel plant is expected to bring in Rs 7,500 crore investment and create direct employment for 2,500 and indirect employment for 15,000 people.
Apart from the Jindal Steel Plant, the AP government has also granted a special economic package for three new industries in Kadapa and Chittoor districts.
The government said Jindal Steel and Power Limited (JSPL), a part of OP Jindal Group, wants to set up 2.25 MTPA Integrated Steel Plant for manufacturing of TMT bars and wire rods with an investment of Rs 7,500 crore (excluding land cost) in the next four years. They had requested the state government for 1000 to 3,000 acres at Thamminapatnam, Momidi villages in Nellore district.
The Jindal group has a dominant presence in steel and having expertise in running integrated steel plants in Odisha, Chhattisgarh and Jharkhand. However, JSPL has subsequently changed the name of the company to Jindal Steel Andhra Limited, a joint venture of the JSPL and its sister concern Nalwa Steel and Power Ltd.
Special chief secretary (industries) Karikal Valaven that the detailed project report (DPR) submitted by the Jindal Steel Andhra Limited (JSAL) was evaluated by the consultants of APIIC and recommended for grant of about 860 acres for the proposed integrated steel plant at Thamminapatnam and Momidi.
After detailed discussions, the state Investment Promotion Board (SIPB) has decided to allot 860 acres of land to JSAL as per the rates fixed by the APIIC. Similarly, the state government granted a special economic package for Pitti Rail and Engineering Components Limited (PRECL) which is setting up a customized engineering products manufacturing facility at YSR Jagananna Mega Industrial Hub in Kopparthy, YSR Kadapa district with an investment of Rs.401 crore. This plant is expected to create direct employment to 2,000 people.
As part of industrial promotion policy, the state government has decided to extend the special package to the industry. Accordingly, APIIC has been directed to allot 117.85 acres of land to the unit in YSR Jagananna Mega Industrial Hub, Kopparthy, YSR district at a concessional rate of Rs.10 lakh per acre, against the APIIC land cost of Rs.25 lakh per acre.
