Vizag Profiles Group today said it will invest over Rs 8,400 crore in Andhra Pradesh on expansion of its steel plant and for setting up warehouses and cold chains in the state.
Steel Exchange India Ltd (SEIL), part of Vizag Profiles Group, signed a Memorandum of Understanding (MoU) with Andhra Pradesh during recently concluded First Sunrise Andhra Pradesh Investment Meet, it said in a statement.
The MoU was for direct investment by SEIL in the state for expansion of its plant from 0.25 million tonnes (MT) to 1.25 MT, involving an investment of about Rs 7,937 crore, in two phases, which is expected to generate 1,500 new jobs.
The MoU was signed by SEIL Chairman and Managing Director Bandi Satish Kumar and Andhra Pradesh Director of Industries Kartikeya Misra, it added.
Vizag Profiles committed direct investment for setting up of warehouses and cold chains along the coast in Andhra Pradesh, depending on the land allotment by the state.
This will involve an investment of around Rs 500 crore, which is expected to generate 400 new jobs, the company said.