Jindal Steel to set up Rs 7,500 crore plant in Andhra Pradesh
Several key proposals have been approved in the SIPB meeting chaired by Chief Minister YS Jagan Mohan Reddy here on Tuesday.
Amaravati: Several key proposals have been approved in the State Investment Promotion Board (SIPB) meeting chaired by Chief Minister YS Jagan Mohan Reddy here on Tuesday.
During the meeting, the Chief Minister directed the authorities to ensure 75 per cent employment to the local candidates is being provided by the companies and also emphasised on environment protection by taking precautions for lowering the impact and moving forward in industrial progress.
SIPB approves allotment of 860 acres to Jindal Steel Andhra Limited at Thamminapatnam in Nellore district to set up an integrated steel plant with an annual production capacity of 2.25 million metric tonnes (MMT) at a total investment of Rs 7,500 crore. The organisation would provide employment for 2,500 people in four years. Also, the board approved extension of the deadline to June 2022 for setting up of St. Gobain industry in Visakhapatnam district. The company had requested for an extension due to Covid conditions and came forward to invest Rs 2,001 crore in three phases.
The board has given approval to Pitti Rail Engineering Components Ltd at Kopparthi near Kadapa for manufacturing of electrical, locomotive, and industrial infrastructure with an investment of Rs 401 crore by creating direct employment to 2,000 people. Similarly, Neelkamal Limited has been given permission to furniture unit proposed to be set up at a cost of Rs 486 crore at Kopparthi by employing around 2,000 people.
Also, the board approved expansion of GreenTech Industries in Naidupet area of Nellore district, which supplies steel and iron products to companies such as Ford, Hyundai, Volkswagen and others. GreenTech, which has already invested Rs 750 crore and will invest another Rs 627 crore for the expansion and an additional 2,200 direct jobs will be provided.
SIPB also gave an approval for Ammayapper Textiles Pvt. Ltd. in Chittoor district , who has come forward to invest Rs 30 crores, and provide 90 per cent jobs to women.
Besides these, SIPB approved construction of a mega retail park for textiles and garments in five acres at Tadepalli, Guntur district by investing Rs 194.16 crore. The retail parks will be housing around 900 retail units by creating direct employment to nearly 5,000 people, which is indeed a hub for national and international business. It is estimated that about 70 per cent of the sales made in the state come from here, where each store is expected to generate around Rs 11 crore in business annually.