In Kadapa, Andhra Pradesh, the authorities have given their approval for investments of Rs 23,985 crore.
In Kadapa, the Andhra Pradesh State Investment Promotion Board approves JSW Steel ‘s proposal to set up a steel plant. The company informs YS Chief Minister Jagan Mohan Reddy of the investment of Rs 8800 crore. This investment will be made in two phases to set up the steel plant in Sunnapurallapalli.
In the first phase JSW Steel will invest Rs 3300 crore in the proposed plant, for one million tons of steel per year. Later, in Kadapa, the upgrade will allow the production of two million tons per year. Finally, the capacity will reach 3 million tons per year.
The agreement also mentions pumped hydro storage projects. They will come under Adani Green Energy Limited and Shirdi Sai Electricals. The Chief Minister wants to get the work started as soon as possible. For him, it is about changing the face of the backward region of Rayalaseema.
Opportunities for employment
Several thousand direct and indirect jobs will be available at this time. JSW Group is a $22 billion conglomerate engaged in steel, energy, manufacturing, cement and paint. In addition, it produces 27 million tons of steel per year.
The pumped hydroelectric storage power project amounts to 1600MW. Adani Green Energy Limited will invest Rs. 6330 crores. In addition, it will provide jobs for more than 4,000 people.
Work will begin in December 2024, with commissioning in 2028. The production will amount to approximately 4196 million units of electricity per year. In addition, the company will set up a 1200MW project in Yerravaram and a second 900MW project in Somasila.