Comments
Andhra Pradesh State Investment Promotion Board has given its nod for the allotment of 860 acres of government-owned land adjacent to Krishnapatnam Port to a Jindal Steel and Power Ltd (JSPL) subsidiary for the construction of a new steel plant, a senior company official has said.
Headed by Chief Minister YS Jaganmohan Reddy, the board has approved the allotment of this land, held by Andhra Pradesh Industrial Infrastructure Corporation in Thamminapatnam in Nellore district, to Jindal Steel Andhra Ltd, the official told BusinessLine.
Also read: JSPL sales decline during second wave of Covid
Choosing the strategic location, JSPL had prepared a detailed project report for 2.25 MTPA integrated steel plant at a planned investment of ₹7,500 crore, for which it had sought 1,000-1,300 acres of government land. JSPL has estimated that the plant will provide direct employment to nearly 2,500 people and lead to an overall business activity of ₹13,000 crore.
Based on how optimally JSPL is able to design the plant, its production capacity could be higher at 3 MTPA, the official said.
Also read: Steel cos hike prices by up to ₹4,900/tonne
“This is a strategic location. Coking coal is imported. Iron ore can come from Karnataka or Odisha,” the official said. However, major expenditure on the project will not kick off before a couple of years until the necessary clearances are obtained, the official added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.