JSW Group inks MoU with APEDB to invest `3,500 cr in Prakasam district

The firm also evinced interest to set up an integrated steel plant, a textile park and a electric vehicles manufacturing in Andhra Pradesh.

Published: 24th January 2019 10:12 AM  |   Last Updated: 24th January 2019 10:12 AM   |  A+A-

IT Minister Nara Lokesh with JSW Group chairperson Sajjan Jindal and others in Davos on Wednesday

By Express News Service

VIJAYAWADA: JSW Group, one of the biggest conglomerates in the country, has entered into a Memorandum of Understanding (MoU) with Andhra Pradesh Economic Development Board (APEDB) to invest `3,500 crore in Andhra Pradesh. As per the pact, the firm, which is into steel, cement, energy, infrastructure and other sectors, proposes to develop two jetties at Ramayapatnam Port in Prakasam district and lay a slurry pipeline.

The firm also evinced interest to set up an integrated steel plant, a textile park and a electric vehicles manufacturing in Andhra Pradesh.The MoU was signed and exchanged between JSW Group chairperson Sajjan Jindal and APEDC CEO J Krishna Kishore on the sidelines of the World Economic Forum in Davos in the presence of IT Minister Nara Lokesh on Wednesday.

According to an official release from APEDB, two jetties would be developed in 200 acres of land at Ramayapatnam Port with `1,000 crore as part of JSW’s plans to expand their logistics footprint in South Asia. The slurry pipeline, expected to build synergies and linkages to Prakasam district, will be laid with `2,500 crore estimated investment for the group’s plant in Bellary district in Karnataka. The MoU is expected to generate 250  direct jobs.

It may be recalled that Chief Minister N Chandrababu Naidu, earlier this month, unveiled a pylon marking the launch of the Ramayapatnam Port works.When Lokesh invited JSW Group to establish an integrated steel complex in the coastal areas in Prakasam district to take advantage of logistics and supporting infrastructure in AP, Sajjan Jindal expressed interest and said he would visit the State soon. Jindal is also said to have evinced interest to explore the opportunities to establish a textile park and e-vehicle manufacturing facility, when Lokesh explained to him about the e-mobility policy rolled out by the government.

Earlier in the day, Lokesh held meetings with delegations from firms, including Marsh and McLennan, Genpact and others. Marsh and McLennan chairperson Alexander Moczarski informed the minister that the firm was looking to invest in India and that he would visit the State soon.The firm offers services insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting.

Lokesh also interacted with other investors and explained to them the industry-friendly policies in AP. He addressed an interaction luncheon with top investors on ‘Technologies for Tomorrow’ held at AP Lounge and elaborated on the e-governance initiatives adopted by the State government.

Later in the day, the IT Minister interacted with the executive vice-president and CEO of Nestle, Chris Johnson. Citing the example of Araku Coffee, Lokesh said a target was set to promote 5,000 brands from AP on global platforms and sought the cooperation of Nestle Group. He invited the Nestle CEO to AP. Reacting to this, the firm’s CEO said that the Nestle Group was ready to work with AP and assured cooperation for rural brand marketing. He said a Nestle team would visit the State soon.Principal Secretary Ajay Jain and APIIC MD Babu Ahmed were also present.

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