Jindal Group to invest 3,500 cr in AP State

Amaravati: The Jindal Group will invest Rs 3,500 crore in AP. It will develop two jetties at Ramayapatnam port and also lay a pipeline in Prakasam district.

The Jindal Group entered into a Memorandum of Understanding (MoU) with AP Economic Development Board (APEDB) and AP Maritime Infrastructure Development Corporation (APMIDC) in the presence of Minister for IT Nara Lokesh during the World Economic Forum meet in Davos on Wednesday, according to the information shared by Lokesh’s office here in Amaravati.

As per the MoU, the Jindal Group would develop two jetties in 200 acres of land at a cost of Rs 1,000 cr and lay pipeline at a cost of Rs 2500 crore providing employment opportunities to more than 250 people.

It may be noted that Chief Minister N Chandrababu Naidu laid foundation stone for Ramayapatnam Port recently. The State government is planning to develop port-based ancillary units in the region. Minister Lokesh discussed with Jindal Chairman Sajjan Jindal on the issue.

The Jindal Group came forward to set up a steel plant, electric vehicles unit and apparels unit in AP. The visiting Minister explained to Jindal Group chairman on the industry-friendly atmosphere in the State and the progress achieved during the last four-and-half years.

He said the State government developed renewable energy sector. He said a target was set to develop Visakha-Chennai and Chennai-Bangalore corridors. He appealed to Jindal Group to come forward to invest in AP. APEDB CEO J Krishna Kishore, Jindal Group CEO BVGK Sarma, APIIC MD Babu A, secretary (I&PR) B Ramanjaneyulu and others were present.