AP Allocates Rs 500 Crore For Kadapa Steel Plant

AMARAVATI: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy ordered officials to allocate Rs 500 crore equity to Kadapa steel plant. He held a review meeting with Industries minister and other officials on Monday, at CM camp office in Tadepalli.

In the meeting, officials briefed Chief Minister about the discussions they held with companies which were interested in partnering with Andhra Pradesh HIgh-Grade Steels Limited, which was set up by the government for the Kadapa Steel Plant.

Officials said that companies like Hyundai Motors, Essar Steels and Tata Steels and few other companies showed their interest in joining the Kadapa steel plant venture.

Responding to the officials, the Chief Minister ordered them to complete the negotiations with the companies soon and finalising the partner. Officials told YS Jagan that they will complete the formalities and agreement with the selected company within two months.

YS Jagan instructed officials to complete the developing works related to the township and allied infrastructure within two years.

Soil testing and the geotechnical survey will be completed by the end of this month, officials said

Officials said that they will look after the necessary arrangements required for construction of roads, compound wall, power supply for the construction of the factory, and the construction works related to Rayalaseema Thermal Power Plant (RTPP) line.

 Industry's Special Chief Secretary Karaikal Valavan, Industries Minister M Goutham Reddy and other officials attended this review meeting.