AP govt invites Korean steel giant POSCO to set up plant

AP govt invites Korean steel giant POSCO to set up plant

Amaravati(AP), Feb 28 (PTI) The Andhra Pradesh government
has invited South Korean major POSCO to set up its greenfield
integrated steel plant in SPS Nellore district and promised to
extend fiscal and non-fiscal incentives over and above those
stipulated in the state Industrial Policy 2020-23.
The state government”s invitation to POSCO comes at a
time when Chief Minister Y S Jagan Mohan Reddy is under attack
from the opposition parties for colluding with the Centre in
the effort to privatise the Visakhapatnam Steel Plant (VSP).
The opposition parties have been alleging that the CM
struck a deal with POSCO to hand over the VSP on a platter,
even as Jagan came out with a rebuttal saying he has, in fact,
invited the South Korean company to set up a new steel plant
in the state and suggested three different locations.
POSCO officials already conferred with the Chief Minister
over the issue.
POSCO India CMD Sung Lae Chun and team visited
Krishnapatnam early this month to identify a prospective site
for the integrated steel plant.
In this backdrop, state Special Chief Secretary
(Industries and Investment) R Karikal Valaven wrote a letter
to Chun inviting the POSCO delegation from its Seoul
headquarters to confirm its proposal for setting up the plant
at the identified location.
“The AP government envisages that the steel plant at
Krishnapatnam will be an anchor industry in driving the
economic activity in the region and the state will support
POSCO to the best of its efforts,” Valaven said.
He said Krishnapatnam was one of the largest automated
ports in South Asia, with a deep draft capable of handling
Capesize and Panamax vessels.
“Developing an integrated steel plant right beside a
world-class port offers multiple logistical advantages,
considering high volume imports and exports arising out of the
operations.
The state government will be willing to consider further
support in the form of fiscal and non-fiscal incentives based
on specific requests in line with the volume of investment and
employment opportunities and subsidiary industrial growth,”
the Special Chief Secretary assured. PTI DBV
ROH ROH

Disclaimer :- This story has not been edited by Bollyinsidestaff and is auto-generated from news agency feeds. Source: PTI

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