The Andhra Pradesh State Investment Promotion Board (SIPB), chaired by Chief Minister Y S Jagan Mohan Reddy, gave its clearance to the JSW’s steel plant and Adani’s 1,600 MW hydroelectric energy storage project.
JSW’s steel plant & Adani’s hydroelectric energy storage project:
The board granted permission to JSW Steel’s proposal for building a steel plant in Kadapa district, Andhra Pradesh. The company will invest INR 8,800 crore over two phases in order to construct the steel plant in the Sunnapuralla Palli hamlet in the Kadapa district.
JSW Steel would invest INR 3,300 crore in the first phase of the proposed plant. The first year will see the production of one million tons of steel and the plant’s capacity will increase to two million tons per year after the second phase is complete. It eventually will reach three million tons per year.
The board also authorised Adani Green Energy Limited’s 1,600 MW hydroelectric energy storage project. The company will invest INR 6,330 crore and create over 4,000 direct jobs.
The Adani group will build a 600 MW plant in Raiwada, Anakapalli, and Vizianagaram districts, and a 1,000 MW facility in Pedakota, Alluri Sitarama Raju district. The project will take four years to complete, with construction set to begin in December 2024.
A member of the JSW Group, JSW Steel Ltd. is an international steel manufacturer with its headquarters in Mumbai. JSW is India’s second largest private sector steel company. As of October 2022, the installed manufacturing capacity of the company is 28.5 Metric Tons Per Annum.
Adani Group is a global conglomerate with headquarters in Ahmedabad. Gautam Adani founded Adani Group as a commodity trading business in 1988 with Adani Enterprises serving as its flagship. Among the Group’s many business ventures are port management, electric power generation and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure.
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