AP Government Puts Kadapa Steel Plant on Hold on Liberty Troubles
Kadapa Steel PlantIndian Express

AP Government Puts Kadapa Steel Plant on Hold on Liberty Troubles

Telugu Bulletin reported that YSR Steel’s Steel Plant in Kadapa is delayed again as financial turmoil at selected JV partner Liberty Steel has raised doubts.

Telugu Bulletin reported that YSR Steel’s Steel Plant in Kadapa is delayed again as financial turmoil at selected JV partner Liberty Steel has raised doubts. Andhra Pradesh’s Industries Minister Mr Goutham Reddy announced that “The company that the project has been given to, Liberty Steels, is currently not in a financially stable position, because of which the Steel Plant has once again been put on hold. The decision of government constructing the steel plant or awarding the project to other companies who took part in the bid has not been taken.”

Proposed Kadapa steel plant has faced several Delays. A steel factory was proposed to be built in Kadapa back when Mr YS Rajasekhar Reddy was the Chief Minister of Andhra Pradesh itself and foundation was laid but things didn’t work out due to several circumstances after that, and then, everything changed after the bifurcation of united Andhra Pradesh. After Mr Chandrababu Naidu became the Chief Minister of Andhra Pradesh in 2014, even he laid the foundation for Kurnool’s steel factory. Therafter current Chief Minister Mr YS Jagan Mohan Reddy wanted to construct a steel plant in Kurnool and selected Liberty Steel India as JV partner in February 2021.

The AP government established the YSR Steel Corporation Limited for development and operation of a new steel plant in Kadapa district. The proposed Kadapa Steel plant at a cost of INR 10,082 crore and INR 6,000 crore in phase 1 & 2 respectively with a capacity of three million tonne in each phase. YSR Steel Corporation set March 31, 2024 as the commercial operation date for phase 1 of the project, in which it has been targeted to produce 1 million tonne of crude steel. AP government already signed a memorandum of understanding with NMDC for supplying the required 4.5 million tonnes of iron ore every year for the proposed steel plant. Linkages for other raw materials like limestone, dolomite, quartzite, ferroalloys, are under progress

No stories found.
SteelGuru Business News
www.steelguru.com