On Monday, the State Investment Promotion Board meeting holded by chief minister YS Jagan Mohan Reddy 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 Shiridi Sai Electricals.
JSW Steel Limited would invest the money in two phases to institute a steel plant in Sunnapurallapalli village in Kadapa. It would invest Rs 3,300 crore in the initial phase, with a target to produce one million tonnes of steel in the first year and to upgrade this to 2 million tonnes in the second year and three million tonnes thereafter.
SIPB sanctioned the 1,600 mw pumped hydro storage power project where Adani Green Energy would invest Rs 6,330 crore, providin direct employment to over four thousand people. The firm will set up a 1,000mw plant in Pedakota in Alluri Seetharama Raju district and another 600mw plant at Raiwada in Anakapalli and Vizianagaram districts.
The board gave its clearance for the Rs 8,855 crore hydro storage project. The Shiridi Sai Electricals would set up two projects at Yerravaram and Somasila to produce 2,100mw of power. The entity would set up a 1,200mw project at Yerravaram and another of 900mw capacity at Somasila. About 2,100 persons will get employment chance from the company.