The State Investment Promotion Board (SIPB) meeting chaired by Chief Minister Y.S. Jagan Mohan Reddy, on 12 December 2022, approved investments worth Rs 23,985 crore in the state of Andhra Pradesh.
SIPB approved JSW Steel’s proposal to set up a plant in Kadapa at a cost of Rs 8,800 crore and also cleared the pumped hydro storage projects to be set up by Adani Green Energy and Shirdi Sai Electricals. JSW Steel intends to set up a steel plant in Sunnapurallapalli village in Kadapa in two phases. In the first phase, it would invest Rs 3,300 crore with a target to produce one million tonnes of steel in the first year and to upgrade the capacity to two million tonnes in the second year and three million tonnes thereafter.
SIPB gave its approval for the 1,600 MW pumped hydro storage power project of Adani Green Energy worth Rs 6,330 crore. The project is expected to provide direct employment to over 4,000 people. Adani will set up a 1,000 MW plant in Pedakota in Alluri Srirama Raju district and another 600 MW plant at Raiwada in Anakapalli and Vizianagaram districts. The project work might commence in December 2024 with an aim to commission the same within four years. The board also gave its clearance for the Rs 8,855 crore hydro storage projects of Shirdi Sai Electricals. The company will set up two projects at Yerravaram (1,200 MW) and Somasila (900 MW). The work on the projects will start in July 2023 and get completed by December 2028.