JSPL to set up 3 mt steel plant at Krishnapatnam

10,000 crore in 3 mt plant in Andhra Pradesh. The group will also set up a port, a slurry pipeline and invest in a MSME park.

During the Global Investors Summit, Andhra Pradesh received investment proposals worth `13 lakh crore and a total of 340 MoUs were signed.

“This will create employment for 6 lakh people in our state, helping us to build a stronger, more prosperous Andhra Pradesh,” the state government said.

Union Minister for Road Transport and Highways, Nitin Gadkari and Andhra Pradesh Chief Minister YS Jagan Mohan Reddy inaugurated an exhibition at the meet.

Jindal Power to commission

Steel Insights Bureau

Jindal Steel & Power Ltd will be investing `10,000 crore in setting up a 3 million ton (mt) steel plant in Andhra Pradesh, its chairman Naveen Jindal has said.

For the project, JSPL has signed a Memorandum of Understanding with the Andhra Pradesh government to set up the 3 mtpa steel plant near Krishnapatnam Port.

“This plant will provide employment to 10,000 people and will strengthen our association with Andhra Pradesh and its people,” Jindal said while speaking at the Andhra Pradesh Global Investors Summit 2023.

Jindal further said the group will be signing a MoU with the AP Government for investing in renewable energy across solar, wind and hydro as well expanding the capacity of its existing cement plant.

The group will also be investing in a port and building slurry pipeline and a MSME park in the state.

“We are pleased to share our positive experience of working in Andhra Pradesh for the past many years. We see it as a potential industrial hub in the future. AP is renowned for its excellent infrastructure, large manufacturing base, talented youth, and a very business-friendly environment. We extend our gratitude to the state govt for its visionary leadership and progressive policies,” Jindal added.

The earlier plan was to set up a 2.5 mt plant for which land was earmarked for Jindal Steel Andhra Ltd (JSAL) at Thamminapatnam and Momidi villages in Chillakur mandal of Nellore district.

JSAL, a joint venture of JSPL and its sister concern Nalwa Steel and Power Ltd was established for the integrated steel plant with a proposed investment of `7,500 crore, excluding the cost of land.

Simhapuri Energy by April

“Recently we took over Simhapuri Energy, a 600MW power plant and we have already started one unit of 150MW, another unit will start this week and by April, the entire capacity of 600MW will be commissioned and will serve country’s need for energy,” Jindal said.

Earlier in June 202, Jindal Power announced that it has acquire Simhapuri Energy’s 600 MW power plant in Nellore district. JPL acquired the stressed power plant for `300 crore. As per reports, JPL will operate the plant by importing coal from Indonesia and Africa.

The costal power plant, in close proximity of Krishna Patnam Port, was promoted by Madhucon Projects.

Phase I comprising of 2 units each of 150 MW started commercial operation in 2012 and had Power Purchase Agreement (PPA) with PTC and Andhra Pradesh discom.