Green signal to investments worth Rs 24,985 crore in Andhra Pradesh

The State Investment Promotion Board (SIPB) has given the green signal to projects worth a total investment of Rs.24,985 crore.

Amaravati: The State Investment Promotion Board (SIPB) has given the green signal to projects worth a total investment of Rs.24,985 crore.

The SIPB meeting chaired by the Chief Minister YS Jaganmohan Reddy here on Monday approved the proposal for setting up of a steel plant in Kadapa district by JSW with Rs.8,800 crore, and the pumped storage projects of Adani Green Energy and Shirdi Sai Electricals.

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The steel plant will be established by the JSW at Sunnapurallapalle of Kadapa district with Rs.3,300 crore investment in the first phase to produce one million tonnes of steel and increase it to 2 million tonnes in the second phase for an annual capacity of 3 MT.

The Chief Minister said that the project would generate employment to thousands of people directly and indirectly through the steel plant and its ancillary units. JSW is a 22 million dollar company in the steelo, energy, manufacturing, cement, and painting sectors and at present it is producing 27 MT of steel products. The company has units in Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh and Odisha.

Adani Green Energy Ltd will invest Rs.6,330 crore in its 1600 MW pumped storage power project which will provide employment to 4,000. It will have a unit at Pedakota (1000 MW) in Alluri Sitarama Raju district, and another 600 MW unit at Rywada coming under Anakapalle and Vizianagaram districts. The project, estimated to generate 4,196 million units of power annually, will be launched in 2024 and completed in four years.

The Shirdi Sai Electrical Ltd., will set up two hydro storage projects at Eravaram (1200 MW) and Somasila (900 MW) with Rs.8,855 crore to generate 2100 MW. They will be launched in July next year and will be completed in a phased manner in five years. The projects will provide 2100 jobs.