VIJAYAWADA: The State Investment Promotion Board meeting chaired by Chief Minister Y.S. Jagan Mohan Reddy on Monday gave its nod for investments of Rs 23,985 crore in the state.
SIPB 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.
JSW Steel Limited would invest the money in two phases to set up a steel plant in Sunnapurallapalli village in Kadapa. In the first phase, it would invest Rs 3,300 crore with a target to produce one million tonnes of steel in the first year and to upgrade this to two million tonnes in the second year and three million tonnes thereafter.
The CM asked officials to ensure the works of steel plant started soon. This would help change the face of backward Rayalaseema region and generate employment to thousands of people directly and indirectly, he noted.
SIPB gave 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 over 4,000 people. The company will set up a 1,000mw plant in Pedakota in Alluri Srirama Raju district and another 600mw plant at Raiwada in Anakapalli and Vizianagaram districts. The project might commence work in December, 2024 to be commissioned within four years. It would produce 4,196 million units of power per year.
The board gave its clearance for the Rs 8,855 crore hydro storage project. The Shirdi Sai Electricals would set up two projects at Yerravaram and Somasila to produce 2,100mw of power. The company would set up a 1,200mw project at Yerravaram and another of 900mw capacity at Somasila. Works would start in July, 2023 and would be completed by December, 2028.
The company would generate direct employment to 2,100 persons.
