Amaravati: Swiss firm to set up a steel plant in Kadapa

Amaravati: The representatives of IMR Metallurgical Resources-AG, a reputed Swiss company, after holding discussions with Chief Minister Y S Jagan Mohan Reddy, has proposed to set up a major steel plant in YSR Kadapa district by investing more than Rs 12,000 crore with an annual production capacity of 10 million tonnes.

In a statement, the company officials said that the company activities pertaining to coal, iron ore and gold mines excavation, power production and steel industries were spread in Indonesia, South Africa, Mexico, Columbia, Italy, Ukraine and India.

The representatives said that they have entered a pact with the National Mineral Development Corporation for supply of iron ore to the proposed steel unit in YSR Kadapa district.

In this regard, the Chief Minister said there would be wide scope for improving industrialisation in YSR Kadapa district once the proposed steel plant comes to be materialised. "The government is ready to provide all the basic infrastructure facilities for the company," he added.

The Chief Minister said Krishnapatnam port, railway connectivity and highways were readily available for transportation purposes. Moreover, it would provide better employment opportunities to local people, he pointed out. The IMR representatives said the steel plant would help in transforming the region into a steel hub.

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 in the meeting.

It may be recalled that Chief Minister Y S Jagan Mohan Reddy laid foundation stone for Kadapa Steel Plant with a capacity of 30 lakh tonnes on December 23, 2019 as part of the assurance given by the Central government during the state bifurcation.