AP Cabinet Clears Rs 1.35 Trillion Steel Project

08 Apr 2025 CW Team

Phase 2 will add a 10.5 MTPA steel plant by 2033, involving a Rs 800 billion investment and an additional captive port of Rs 53.8 billion, together projected to create over 40,000 jobs.

The cabinet also approved the development of ports and fishing harbours across viable coastal locations and committed to protecting the Visakhapatnam Steel Plant by converting a Rs 24 billion power bill into equity, helping the plant return to profitability. State police will now be deployed at the plant, replacing central security.

To boost tourism, the cabinet plans to build 50,000 hotel rooms in the next five years and develop temple tourism. In support of the hospitality sector, bar licence fees for three-star and above hotels will be reduced from Rs 660 million to Rs 250 million.

The cabinet also approved financial guarantees for AP Power Finance Corporation to secure Rs 7.1 billion from HUDCO and ratified Rs 17.35 billion in compensation related to the Polavaram hydroelectric project. Additionally, it cleared the formation of the 'Jala Harathi Corporation' to manage the Polavaram-Banakacherla link project.

Cultural promotion through the Ugadi Puraskars and support for arts and youth initiatives were also endorsed, signaling the state’s commitment to holistic development.

(deccanchronicle)

The Andhra Pradesh cabinet, chaired by Chief Minister N. Chandrababu Naidu, has approved a slew of major initiatives to drive industrial and tourism development in the state. Key among them is the green light given to ArcelorMittal Nippon Steel India for setting up a massive Rs 1.35 trillion steel plant in Anakapalli district. The project will be developed in two phases—Phase 1 involving a Rs 559.64 billion investment for a 7.3 MTPA steel plant and a Rs 58.16 billion captive port, both expected to be operational by January 2029 and generate over 21,000 jobs. Phase 2 will add a 10.5 MTPA steel plant by 2033, involving a Rs 800 billion investment and an additional captive port of Rs 53.8 billion, together projected to create over 40,000 jobs. The cabinet also approved the development of ports and fishing harbours across viable coastal locations and committed to protecting the Visakhapatnam Steel Plant by converting a Rs 24 billion power bill into equity, helping the plant return to profitability. State police will now be deployed at the plant, replacing central security. To boost tourism, the cabinet plans to build 50,000 hotel rooms in the next five years and develop temple tourism. In support of the hospitality sector, bar licence fees for three-star and above hotels will be reduced from Rs 660 million to Rs 250 million. The cabinet also approved financial guarantees for AP Power Finance Corporation to secure Rs 7.1 billion from HUDCO and ratified Rs 17.35 billion in compensation related to the Polavaram hydroelectric project. Additionally, it cleared the formation of the 'Jala Harathi Corporation' to manage the Polavaram-Banakacherla link project. Cultural promotion through the Ugadi Puraskars and support for arts and youth initiatives were also endorsed, signaling the state’s commitment to holistic development. (deccanchronicle)

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