AP Invites POSCO for Setting up Steel Plant at Krishnapatnam
PTI reported that the Andhra Pradesh government has invited South Korean steel maker POSCO’s Indian subsidiary POSCO India Private Limited to
PTI reported that the Andhra Pradesh government has invited South Korean steel maker POSCO’s Indian subsidiary POSCO India Private Limited to establish a greenfield integrated steel plant at Krishnapatnam in the Nellore district of Andhra Pradesh. Andhra Pradesh Special Chief Secretary (Industries and Investment) Mr R Karikal Valaven in a letter addressed to POSCO India Chairman & Managing Director Mr Sung Lae Chun said that the AP government is keen on having the unit at Krishnapatnam while pointing to the interest expressed by the firm on the location. He wrote “AP government envisages that the steel plant at Krishnapatnam will be an anchor industry in driving the economic activity in the region and the state will support POSCO to the best of its efforts. I would like to extend an invite to the delegation from POSCO headquarters at Seoul to confirm your proposal for setting up an integrated steel plant in the land identified jointly by your team and the Government of AP at Krishnapatnam and for further discussion on other required support under the State Industrial Policy.”
He also wrote “Developing an integrated steel plant beside a world-class port offers multiple logistical advantages. Reminding that Krishnapatnam port is one of the largest automated ports in South Asia with a facility to handle Capesize and Panamax vessels. The state government would take all steps to hand over the land at the earliest to POSCO once a common understanding is achieved on the way forward. AP would be willing to consider further support in the form of fiscal and non fiscal incentives.”
Mr Karikal pointed out that Krishnapatnam is poised to be the next industrial growth centre of Andhra Pradesh considering that it is strategically located on the Chennai-Bengaluru Industrial Corridor, which is being developed with the support of the Centre.