Andhra Pradesh government to set up Kadapa steel plant on its own

Andhra Pradesh government to set up Kada...

 

It will be set up as a government-owned entity with private participation and to form a special purpose vehicle called Rayalaseema Steel Corporation
In a significant move related to the proposed integrated steel plant in Kadapa district, the Andhra Pradesh Cabinet has resolved to set it up as a government-owned entity with private participation and to form a special purpose vehicle called Rayalaseema Steel Corporation (RSC).

This is in response to the Central government dragging its feet on fulfilling the assurance to set up the steel plant in accordance with A.P. Reorganization Act, 2014 (APRA).

Rashtriya Ispat Nigam Limited (Vizag Steel Plant) former CMD P. Madhusudhan has been appointed managing director of the SPV which will have an initial corpus of ₹.2 crore and the total project cost has been estimated to be ₹.12,000 crore.

A.P. Mineral Development Corporation Limited has been mandated to extend financial assistance for it.

It may be noted that there has been a spat between the Ministry of Steel (MoS) and the A.P. Government over the availability of iron ore, its quality and other issues thereof. The technical aspects were being examined by MECON Limited, an undertaking of the MoS.

The Cabinet has also decided to develop Visakhapatnam metro rail in a public-private partnership and to provide for it ₹.8300 crore.

Letters to the PM
For mounting pressure on the Central government to deliver its promises to A.P., the Cabinet has decided to write three letters to the Prime Minister.

Through the letters, Chief Minister N. Chandrababu Naidu will reiterate the State's right to have all its legitimate demands including the Special Category Status and implementation of APRA conceded, seek adequate compensation for damages caused by cyclone Titli and protest against the alleged neglect of the Centre in sanctioning Kadapa steel plant.

The Cabinet has also given the nod for allotment of nearly 2400 acres free of cost to A.P. Industrial Infrastructure Corporation Limited for the development of a mega industrial hub at Donakonda in Prakasam district.

Besides, the Cabinet has cleared the implementation of protected drinking water schemes in Rayalaseema districts at a cost of ₹.9400 crore, sanctioned ₹.6000 crore for the development of critical infrastructure in urban areas and decided to set up 152 more Anna canteens.


PostedOn: 08 Nov 2018 Total Views: 215




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