VIJAYAWADA: The State Investment Promotion Board (SIPB ) meeting headed by Chief Minister Y S Jagan Mohan Reddy on Monday gave its approval for investments of Rs 23,985 crore in the state.
The State Investment Promotion Board approved JSW Steel’s proposal to set up a plant in Kadapa at a cost of Rs 8,800 crore and also for pumped hydro storage projects to be set up by Adani Green Energy and Shirdi Sai Electricals.
The funds would be invested by JSW Steel Limited in two stages to build a steel mill in the Kadapa village in Sunnapurallapalli. It would invest Rs. 3,300 crore in the first phase with the intention of producing one million tonnes of steel in the first year, followed by two million tonnes and then three million tonnes.
The CM requested that officials make sure the steel plant's construction projects got underway quickly. He pointed out that this will help transform the image of the underdeveloped Rayalaseema region and create employment for thousands of people both directly and indirectly.
The State Investment Promotion Board issued its approval for the 1,600mw pumped hydro storage power project where Adani Green Energy would invest Rs 6,330 crore, providing direct employment to nearly 4,000 people.
The company will set up a 1,000mw plant in Pedakota in Alluri Srirama Raju district and another 600 mw plant at Raiwada in Anakapalli and Vizianagaram districts. The project might start working in December 2024 with a four-year completion window. 4,196 million units of power would be produced annually.
The project for hydro storage worth Rs 8,855 crore received approval from the board. To generate 2,100mw of power, the Shirdi Sai Electricals would put up two projects in Yerravaram and Somasila. At Yerravaram and Somasila, respectively, the corporation would construct up two projects, each with a capacity of 900 megawatts. Beginning in July 2023, construction would end in December 2028.
The company would create direct employment to 2,100 persons.
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