The JSW Group has signed an MoU with Andhra Pradesh government on Wednesday to build a jetty at Ramayapatnam Port and a slurry pipeline with a total investment of Rs 4,500 crore.
JSW Group signed the Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB) at the World Economic Forum, Davos.
The company will invest Rs 1,000 crore to establish a jetty at Ramayapatnam Port in Prakasam district. It also plans to build a slurry pipeline with an investment of Rs 3,500 crore for the group's plant in Bellary district of Karnataka.
This slurry pipeline will build synergies and linkages to Prakasam district, said an official statement.
J. Krishna Kishore, Chief Executive Officer, APEDB and Sajjan Jindal, Chairman, Jindal Group, signed the MoU in the presence of Nara Lokesh, Minister for Information Technology, Electronics, Communication and Panchayati Raj.
This is one of the best birthdays ever for me! GoAP signed an MoU with @TheJSWGroup in the presence of Chairman @sajjanjindal. JSW will invest a whopping Rs. 3500 Cr to construct two jetties at Ramayapatnam port at a cost of Rs.1000 Cr and lay slurry pipeline to the port... pic.twitter.com/JP4fNhdZh4Lokesh Nara (@naralokesh) January 23, 2019
Lokesh invited Jindal Group to establish an integrated steel complex in Prakasam district.
The Minister emphasized the state's electric vehicle policy and invited Jindal Group to invest in electric mobility in the state.
The Andhra Pradesh government has formed a special purpose vehicle, the AP Maritime Infrastructure Development Corporation Limited, to develop the Ramayapatnam port at a cost of Rs 4,240 crore (phase-1) with eight berths.
The port, proposed to be developed on a 3,092-acre site, will have a capacity of 40 million tonnes per annum.
The Asia Pulp & Paper Group is proposing to make an investment of Rs 24,000 crore (approx USD 3.5 billion) in its pulp and paper manufacturing unit at Ravuru in Gudluru amandal' of Prakasam district, added the statement.