by IANS | Tue, Dec 13, 2022, 12:10 PM
Amaravati, Dec (IANS) The Andhra Pradesh State Investment and Promotion Board (SIPB) on Monday approved projects worth Rs 23,985 crore.
The projects were approved during the review meeting chaired by Chief Minister Jagan Mohan Reddy at his camp office in Tadapalli.
The board approved JSW Steel Ltd's proposal to set up the steel plant in the YSR district. The company will invest over Rs 8,800 crore in two phases, producing over 3 million tonnes per annum (mtpa).
The Chief Minister said: "The project will give direct and indirect employment to thousands of people, and the works should start as early as possible. The entire region of Rayalaseema will benefit once the steel plant and many allied industries start their operations."
Further, the board also approved two energy projects in the meeting. Adani Green Energy Projects will come up in Vizianagaram and the ASR district with an investment of Rs 6,330 crore. The company will set up a pumped hydro storage power project generating 1,600 MW. It will give direct and indirect employment to 4,000 people. The Vizianagaram unit will generate 600MW and 1000 MW in the ASR district unit. The officials said over 4,196 million units of electricity per year will be generated from the units.
Shirdi Sai Electricals Ltd will set up two hydro storage projects in Erravaram (1200 MW) and Somasila (900 MW) producing over 2100 MW with an investment of Rs 8,855 crore. The officials said the target is to start in July next year and complete it in phases in five years i.e. by December 2028. It would also provide direct jobs to 2,100 people.