VISAKHAPATNAM: Welcoming the establishment of a major steel plant in North Andhra, BJP State president PVN Madhav on Sunday said the project reflects coordination between the Centre and the State governments and is expected to support industrial development in the region.
The foundation-stone for an integrated steel plant by ArcelorMittal Nippon Steel India Limited will be laid on Monday at Thammayyapeta village in Nakkapalli mandal of Anakapalle district.
Speaking in Visakhapatnam on Sunday, Madhav said efforts are being made to develop Visakhapatnam as an industrial centre, which could help generate employment in North Andhra. He noted that projects such as the proposed steel plant are expected to create job opportunities for local youth.
According to available details, the total investment in the project is estimated at over Rs 1.3 lakh crore. The first phase will begin with an outlay of around Rs 70,000 crore and is expected to have a production capacity of 7.3 to 8.2 million tonnes per year.
Once fully completed, the plant’s capacity is projected to exceed 17.8 million tonnes annually. The project is expected to create both direct and indirect employment opportunities.
Madhav further added that the project may also support the growth of related industries, logistics and port-based activities in the surrounding areas. “The State government has initiated steps for land allocation, clearances and infrastructure development,” he added.