Swiss firm proposes Rs 12,000-cr steel plant in Andhra

Source : IANS
Author : IANS
Last Updated: Fri, Mar 6th, 2020, 12:31:42hrs
Swiss firm proposes Rs 12,000-cr steel plant in Andhra

Amaravati: Leading Swiss company IMR Metallurgical Resources-AG has proposed to set up a major steel plant in Andhra Pradesh with an investment of more than Rs 12,000 crore.

The plant, proposed to be set up in YSR Kadapa district, will have an annual production capacity of 10 million tonnes.

This was disclosed by the representatives of IMR company who held discussions with Chief Minister Y. S Jagan Mohan Reddy here on Thursday.

The company has its operations in Indonesia, South Africa, Mexico, Columbia, Italy, Ukraine and India pertaining to coal, iron ore and gold mines excavation and is also involved in the power production and steel industries.

The Chief Minister said that there would be scope for improving industrialization in YSR Kadapa district once the proposed steel plant comes up, adding that the government was ready to provide all the basic infrastructure facilities.

He noted that Krishnapatnam port, railway connectivity and highways were readily available for transportation purposes. Moreover, it would provide better employment opportunities to the local people.

Chief Secretary Neelam Sawhney, Industries Special Chief Secretary Rajat Bhargav, IMR-AG chairman Hans Radolf Weld, company director Anirudh Misra, project president Arindam De, Finance Director Sanjay Sinha, and AP Integrated Steel Managing Director P. Madhusudhan were among those present during the meeting.

Earlier, the Chief Minister Y.S. Jagan Mohan Reddy has laid a foundation stone for the Kadapa Steel Plant on December 23, 2019. This plant with 30 lakh tones capacity is part of the assurance given by the Central at the time of bifurcation of united Andhra Pradesh.

The state government also entered into a deal with National Mineral Development Corporation (NMDC) for supply of iron ore for Kadapa Steel Plant.