JSW will infuse the investment into the JSW Steel factory project which will be undertaken in two phases. The proposed investment has been approved by Andhra Pradesh SIPB.
The Andhra Pradesh State Investment and Promotion Board (SIPB) has approved two proposals along with other proposals with an aggregate investment of INR 23,985 crore – as published in media reports. Out of this, INR 8800 crore will be invested by JSW Steel, while Adani Green Energy Sectors and Shirdi Sai Electricals are also involved in their respective investments in the overall investment.
Steel manufacturer JSW Steel Ltd., the flagship company of JSW Group, will establish a steel manufacturing facility in YSR Kadapa city in Andhra Pradesh. This will entail a capital investment of INR 8,800 crore.
The JSW Steel factory project will be undertaken in two phases with an annual production capacity of 3 million tonnes.
“The steel project will give direct and indirect employment to thousands of people. We expect the work on the project to be commenced soon. It will benefit the entire Rayalaseema as it would foster several allied industries,” according to the statement of the Chief Minister of Andhra Pradesh Y.S. Jagan Mohan Reddy.