AP Selects Essar Steel to Develop Kadapa Steel Plant
The Andhra Pradesh government has selected Essar Steel Limited as the joint venture partner for setting up 3 million tonne per annum capacity steel plant in
The Andhra Pradesh government has selected Essar Steel Limited as the joint venture partner for setting up 3 million tonne per annum capacity steel plant in Kadapa district in Andhra Pradesh. With Liberty stuck in financial woes, the SBICAP asked the YSR Steel Corporation Limited, the Special Purpose Vehicle of the state government, that its earlier recommendation be reviewed and proceed with the next qualifying applicant Essar. The Cabinet considered the proposal and accepted SBICAP's recommendation to select Essar as the JV partner.
The state Cabinet cancelled its previous resolution, made on February 23, selecting Liberty Steel India Limited as the JV partner for construction and development of the YSR Steel Plant.
The AP government established the YSR Steel Corporation Limited for development and operation of a new steelplant inKadapadistrict and invited proposals in November last from renowned companies for inducting as a joint venture partner. The proposedsteelplant will have a capacity of up to three million tonnes per annum for producing high grade steelproducts. The project capex of the project is INR 11,606 crore.