Swiss company IMR Metallurgical Resources has proposed to set up a major steel plant in YSR Kadapa district in Andhra Pradesh by investing more than Rs 12,000 crore with an annual production capacity of 10 million tonne.
This was disclosed by the representatives of IMR Metallurgical who held discussions with chief minister YS Jagan Mohan Reddy on Thursday. The company officials said their activities were spread across Indonesia, South Africa, Mexico, Columbia, Italy, Ukraine and India pertaining to coal, iron ore and gold mines excavation and is also involved in the power production and steel industries.
The IMR representatives said that they have entered into a deal with NMDC for supply of iron ore to the proposed steel unit in YSR Kadapa district. In this regard, the chief minister said that there would be scope for improving industrialisation in YSR Kadapa district once the proposed steel plant comes up and added that the government was ready to provide all the basic infrastructure facilities.
The chief minister said Krishnapatnam port, railway connectivity and highways were readily available for transportation purposes. Moreover, it would provide better employment opportunities to the local people. The IMR representatives said that the steel plant would help in transforming the region into a steel hub.
Earlier, Reddy had laid a foundation stone for the Kadapa steel plant on December 23, 2019, which comes as part of the assurance given by the central government during the state bifurcation and has a capacity of 30 lakh tonne.