The Andhra Pradesh government said on Thursday that Swiss company IMR Metallurgical Resources AG has proposed to set up a large steel plant with a 10 million-tonne capacity at an investment of over Rs 12,000 crore in chief minister Y S Jagan Mohan Reddy's home district YSR Kadapa.
The announcement was made by the government after IMR AG chiarman Hans Radolf Weld, company director Anirudh Misra and other senior officials of the company held discussions with the chief minister at Amaravati.
The company representatives informed Chief Minister Reddy that IMR's activities were currently spread across Indonesia, South Africa, Mexico, Columbia, Italy, Ukraine and India in the areas of coal, iron ore and gold mines, besides power production and steel manfacturing.
Welcoming IMR's investment proposal, the chief minister assured the company officials that his government would provide all the basic infrastructure for the proposed steel project. He said Krishnapatnam port, railway connectivity and highways were readily available for transport requirements of the company for its steel project.
Reddy had laid a foundation stone for another steel project with a proposed capacity of 3 million tonnes in the same district on December 23, 2019. This was to be taken up with government participation as part of the assurance given by the Centre during the bifurcation of the state.