Kadapa Steel Plant will have ₹500-crore equity and negotiations are on with big ticket companies for a joint venture with the State-owned Andhra Pradesh High Grade Steels Limited.
This was revealed during a review meeting on Kadapa Steel Plant (KSP) here on Monday, where Chief Minister Y.S. Jagan Mohan Reddy was briefed about the developments and that many big companies were showing interest to be part of the joint venture.
“There will be ₹500 crore equity and negotiations are on with big companies who are showing interest in the venture,” the Chief Minister said.
The officials briefed the Chief Minister about the discussions they held on behalf of High Grade Steels Limited with Hyundai Motors, Tata Steels, Essar Steels, among others, who have shown interest in joining the KSP venture which has a capacity of about 3 million tonne annually.
The meeting also discussed the proposals of the companies. Further negotiations with the companies would be held soon and after finalising the partner, other formalities with the selected company would be completed within two months, said the officials.
Within two years, developing the township and allied infrastructure would be completed. By this month-end soil testing and geo technical survey would be completed. Roads, power supply, main compound wall and other infrastructure would be developed expeditiously, the officials told the Chief Minister.
Industries Minister M. Goutham Reddy, Industries Department Special Chief Secretary K. Valvan and other officials were present.
