NE BUSINESS BUREAU
AMARAVATI, MARCH 6
A Switzerland-based company IMR Metallurgical Resources-AG has proposed to set up a major steel plant in YSR Kadapa district at an estimated investment of over Rs 12,000 crore. The production capacity of the company was estimated to be 10 million tonnes, says a release.
This was disclosed by the representatives of IMR company who held discussions with Chief Minister YS Jagan Mohan Reddy here on Thursday.
The company officials said that the has its plants spread in Indonesia, South Africa, Mexico, Columbia, Italy, Ukraine and India pertaining to coal, iron ore and gold mines excavation and is also involved in the power production and steel industries.
Chief Minister said that there would be scope for improving industrialization in YSR Kadapa district once the proposed steel plant comes up and added that the government was ready to provide all the basic infrastructure facilities to the investor.
The Chief Minister said Krishnapatnam port, railway connectivity and highways were readily available for transportation purposes. Moreover, it would provide better employment opportunities to the local people. The IMR representatives said that 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 during the meeting.
Earlier, the Chief Minister YS Jagan Mohan Reddy has laid a foundation stone for the Kadapa Steel Plant on December 23 last year, which comes as part of the assurance given by Central government during the state bifurcation and has a capacity of 30 lakh tonnes and has entered into a deal with NMDC for supply of iron ore for Kadapa Steel Plant.
