Andhra CM reviews Kadapa steel plant plan

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Monday reviewed the plans of Kadapa Steel Plant (KSP) with senior officials here.

As per a release, officials briefed Chief Minister about the developments and the big compes showing interest to be part of the Steel Plant and said that KSP will have Rs 500 crore equity, and negotiations are on with big-ticket compes for a joint venture with the State-owned High-Grade Steels Limited.

The Chief Minister said that there would be a Rs 500 crore equity and the negotiations are on with big Compes who are showing interest in the venture which will be coming up in YSR Kadapa district.

The officials have briefed about the discussions they held on behalf of High-Grade Steels Limited with Hyundai Motors, Tata Steels, Essar Steels, among others, have shown interest in joining the KSP venture which has a capacity of about 3 million tonnes annually.Within two years, developing the township and allied infrastructure would be completed. Soil testing and geotechnical survey would be completed by the end of this month, the officials told the CM.

Roads, power supply, main compound wall and other infrastructure would be developed expeditiously, told the officials.

Industries minister M Goutham Reddy, Industries Department Special Chief Secretary R Karikal Valaven and other officials were present during the review meeting.

( With inputs from ANI )