Andhra Pradesh(AP) selected Essar Steel as Joint Venture(JV) partner to set up a steel plant in Kadapa district.
- The AP government has previously selected Liberty Steel India Limited as the JV partner for construction and development of the YSR Steel Plant in Kadapa.
- But that was cancelled based on the recommendation of SBICAP as Liberty steel India Limited was facing some financial issues.
- Note – The AP government established the YSR Steel Corporation Limited for development and operation of a new steel plant in Kadapa district.
About the steel plant:
i.The steel plant will be set up with a capacity of 3 million tonne per annum for producing high grade Steel products.
ii.The Capital Expenditure of the Project will be Rs.11,606 crore.
iii.An area of land spread over two villages of around 3,148.68 acres has been pooled by the state government for the setting of the integrated steel plant.
iv.The state has given Rs.1.65 lakh per acre for acquiring the land for the steel plant
v.A memorandum of understanding has been signed by the state government with NMDC for supplying the required 4.5 million tonnes of iron ore every year for the proposed steel plant.
About Andhra Pradesh:
Chief Minister: Jagan Mohan Reddy
Governor: Biswabhusan Harichandan