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AFTER the State Cabinet approved the establishment of a steel plant as a joint venture by Liberty Steel India Limited at Kadapa, Andhra Pradesh Government has sought the support of Korea for setting up of a greenfield steel plant by POSCO at Krishnapatnam.
image for illustrative purpose
Visakhapatnam: AFTER the State Cabinet approved the establishment of a steel plant as a joint venture by Liberty Steel India Limited at Kadapa, Andhra Pradesh Government has sought the support of Korea for setting up of a greenfield steel plant by POSCO at Krishnapatnam.
The State promised an unparalleled support if the steel plant is set up at Krishnapatnam as per the Industrial Policy 2020-23 unveiled by the YSR Congress Party Government.
The issue figured when Korean Consul General Kwon Young- Seup called on Chief Minister YS Jagan Mohan Reddy at his camp office at Tadepalli on Monday evening. The Chief Minister said that POSCO top brass had already visited Krishnapatnam SEZ for setting up of a steel plant and the Korean Government should also work on it.
POSCO has signed an MOU with Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant before the Centre decided to offload the government shareholding in the Visakhapatnam-headquartered company. Following stiff opposition to the POSCO's interest for a joint venture with RINL and offering equity in lieu of alienation of 3,000 acres near Visakhapatnam Steel Plant for a high-end steel plant with an investment of Rs 20,000 crore, the Chief Minister told the union leaders here during his recent visit that he would not allow POSCO to step into RINL land. However, he had clarified that the government was in talks with the Korean steel giant for exploring investment in other parts of the State.
In a letter to Sung Lae Chun, POSCO India CEO, R Karikal Valaven, Special Chief Secretary, Industries and Commerce, stated last month that the government was very much interested to expedite investment by POSCO at Krishnapatnam. He said "Krishnapatnam is well poised to be the next industrial growth centre of Andhra Pradesh considering its proximity to various urban centres like Chennai, Bangalore. It is strategically located on the Chennai-Bangalore Industrial Corridor which is being developed with the support of Government of India."
"Also, you are aware that developing an integrated steel plant right beside a world-class port offers multiple logistical advantages considering high volume of imports and exports arising out of the steel plant operations. Further, Krishnapatnam Port is one of the largest automated ports in South Asia and with a deep draft capable of handling Capesize and Panamax vessels and I am sure you'd have appreciated its suitability for an integrated steel plant during your visit to the site. AP would be more than willing to hand over the land at the earliest to POSCO once we come to a common understanding on the way forward," he wrote in the letter.
The Chief Minister also appraised the Korean Consul General about the investment opportunities in the State in other sectors and proposed collaboration by the Korean universities with the universities of Andhra Pradesh.
