AP picks Essar Steel as JV partner to set up steel plant in Kadapa

AP picks Essar Steel as JV partner to set up steel plant in Kadapa

Amaravati, May 4 (PTI): The Andhra Pradesh government
on Tuesday decided to select Essar Steel Limited as the joint
venture partner for setting up a three million tonne per annum
capacity steel plant in Kadapa district.

The state Cabinet cancelled its previous resolution,
made on February 23, selecting Liberty Steel India Limited as
the JV partner for construction and development of the YSR
Steel Plant.

With Liberty stuck in financial woes, the SBICAP asked
the YSR Steel Corporation Limited, the Special Purpose Vehicle
of the state government, that its earlier recommendation be
reviewed and proceed with the next qualifying applicant Essar.

The Cabinet considered the proposal and accepted
SBICAP”s recommendation to select Essar as the JV partner,
according to Information Minister Perni Venkataramaiah (Nani).

The project capex of the project is Rs 11,606 crore.

The AP government established the YSR Steel
Corporation Limited for development and operation of a new
steelplant inKadapadistrict and invited proposals in
November last from renowned companies for inducting as a joint
venture partner.

The proposedsteelplant will have a capacity of up to
three million tonnes per annum for producing high grade
steelproducts.

The state government already signed a memorandum of
understanding with NMDC for supplying the required 4.5 million
tonnes of iron ore every year for the proposedsteelplant.

According to the government claim, the plant would
provide direct and indirect employment to about 25,000 people.

The state government pooled 3,148.68 acres of land
spread over two villages for the integratedsteelplant, which
would now be alienated to the YSRSteelCorporation for Rs
1.65 lakh an acre.PTI DBV SS
PTI PTI

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

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