AP Cabinet nod for Kadapa steel plant under joint venture

ap cabinet nod for kadapa steel plant under joint venture

Andhra Pradesh State cabinet chaired by Chief Minister YS Jagan Mohan Reddy on Tuesday approved the setting up of Kadapa Steel plant at a cost of Rs 10,082 crore and Rs 6,000 crore in phase 1 & 2 respectively with a capacity of three million tonne in each phase.

The steel plant, which is under consideration for past few years, is proposed to be taken up through a joint venture partnership. Several steel firms have evinced interest, including the South Korean major Posco in the past.

In another important decision, on the Central government proposal for the privatisation of Visakhapatnam steel plant, the State Cabinet has decided to move a resolution in the Assembly opposing the privatisation and put more pressure on the Union Government against the plan as the State was in favour of its strategic revival rather than divestment.

Briefing the media after the cabinet meeting, Information & Public Relations Minister Perni Venkatramaiah said that a new scheme EBC Nestam will be implemented from the next financial year, under which the government will provide financial assistance of Rs 45,000 for each woman beneficiary aged between 45-60 years at a rate of Rs 15,000 per annum for a span of three years. The Government has alloted Rs 670 crore per annum totalling Rs 2011 crore for three years…

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