Essar Group to start work on Kadapa steel plant soon

Vijayawada/Visakhapatnam: ESSAR Group head Prasanth Ruia has promised to perform bhoomi pooja for an integrated steel plant in Kadapa district of Andhra Pradesh soon.

During talks with Chief Minister YS Jagan Mohan Reddy at Tadepalli near Vijayawada, he said that they have big plans for investment in AP.

SBI Cap recommended Essar Group as joint venture partner of State Government for setting up three million tonne steel plant at an estimated cost of Rs 11,606 crore.

The government has alienated 3,148 acres in Sumapurallapalle and Ruddanandluru in Jammalamadugu mandal in Kadapa district. Earlier, the State Cabinet finalized Liberty Steels as the joint venture partner after floating YSR Steel Corporation Ltd, a special purpose vehicle.

Essar Group has developed a world-class iron ore terminal under BOT basis at Visakhapatnam Port.

Industries Minister Mekapati Gowtham Reddy, Essar Group Vice-Chairman J Mehra were present during talks with the Chief Minister.