Andhra Pradesh nods investments worth Rs 239 billion

14 Dec 2022 CW Team

Andhra Pradesh State Investment Promotion Board (SIPB), headed by Chief Minister YS Jagan Mohan Reddy, gave its nod for investments worth a total of Rs 239 billion in the state.

The board gave approval for JSW Steel's proposal to set up a steel plant in Kadapa at a cost of Rs 88 billion, and for pumped hydro storage projects to be set up by Adani Green Energy and Shirdi Sai Electricals, an official release said.

The officials informed the Chief Minister that JSW Steel will invest Rs 88 billion in two phases for setting up the steel plant in Sunnapurallapalli village in Kadapa district.

In the first phase, JSW Steel will invest Rs 33 billion 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 tonne per year in the second phase and will eventually reach three million tonne capacity per annum, it said.

Besides, the board approved 1,600 MW pumped hydro storage power project by Adani Green Energy which will invest Rs 63.30 billion providing 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, according to the release.

The SIPB has also cleared Rs 88.55 billion 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.

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