SIPB Nods for Rs 7.5K crore Jindal Steel Plant in Nellore, Andhra Pradesh
State Investment Promotion Board (SIPB) has approved investment proposals to the tune of Rs 14,000 crore. The SIPB also approved allotment of 860 acres of land to Jindal Steel Andhra Limited to set up an integrated steel plant in Nellore district with an outlay of Rs 7,500 crore. The steel plant with an annual production capacity of 2.25 million tonnes will provide direct employment to 2,500 people in four years.
The land for the steel plant has been allotted at Momidi in Chillakur mandal. The SIPB meeting, which was held under the chairmanship of Chief Minister YS Jagan Mohan Reddy at his camp office on Tuesday, cleared five industrial investment proposals, which will generate 25,000 jobs.
The SIPB also gave its nod to Pitti Rail and Engineering Components Ltd to produce electrical, locomotive and industrial infrastructure with an investment of Rs 401 crore at Kopparthi near Kadapa. The unit will provide employment to 2,000 people.
The proposal of Nilkamal Limited to invest Rs 486 crore to produce furniture and household items at Kopparthi, also got the SIPB’s nod. The unit will generate direct employment for 2,030 people. The SIPB also gave its approval to expansion of Greentech Industries at Naidupet, which supplies steel and iron products to companies such as Ford, Hyundai, Volkswagen and others.
Greentech, which had already invested Rs 750 crore, will invest Rs 627 crore more for the unit expansion. It will provide additional direct employment to 2,200 people. The proposal of Ammayapper Textiles Pvt Ltd to invest Rs 30 crore in Chittoor district was also cleared. It will provide direct employment to 2,304 people. The unit, which produces men and children’s wear, will provide 90 per cent of jobs to women.
The SIPB also gave its nod for a mega retail Textiles and Garments Park in five acres at Tadepalli in Guntur district with an investment of Rs 194.16 crore. The park will house 900 retail units and create direct employment to nearly 5,000 people and indirect employment to 20,000 people. It is estimated that 70 per cent of textiles and garments that are manufactured in the State, will be sold from the park. Each store in the park is expected to do a business of Rs 11 crore.
The SIPB also extended the deadline for setting up of Saint Gobain Industry at Atchyutapuram in Visakhapatnam district to June 2022. The company which came forward to invest Rs 2,001 crore in three phases, had sought extension of deadline for setting up of the unit due to the Covid-pandemic. While giving the approvals, the Chief Minister made it clear that 75 per cent of jobs in the proposed industries should be given to locals and they should also lay emphasis on environment protection.