The Andhra Pradesh (AP) Government has invited POSCO India Private Limited, the Indian subsidiary of South Korean steel maker POSCO for setting up an green field steel plant at Krishnapatnam in Nellore district.
In a letter addressed to Sung Lae. Chun, Chairman and Managing Director of POSCO India, special chief secretary, R. Karikal Valaven expressed government’s willingness on setting up a plant at Krishnapatnam while pointing to the interest expressed by the firm on the location.
He wrote, “AP government envisages that the steel plant at Krishnapatnam will be an anchor industry in driving the economic activity in the region and the state will support POSCO to the best of its efforts. I would like to extend an invite to the delegation from POSCO headquarters at Seoul to confirm your proposal for setting up an integrated steel plant in the land identified jointly by your team and the Government of AP at Krishnapatnam and for further discussion on other required support under the State Industrial Policy.”
He also wrote “Developing an integrated steel plant beside a world-class port offers multiple logistical advantages. Reminding that Krishnapatnam port is one of the largest automated ports in South Asia with a facility to handle Capesize and Panamax vessels. The state government would take all steps to hand over the land at the earliest to POSCO once a common understanding is achieved on the way forward. AP would be willing to consider further support in the form of fiscal and non fiscal incentives.”
He envisaged that the Steel Plant at Krishnapatnam would be an anchor industry in driving the economic activity in the region and the state would extend all necessary support and added that AP would be willing to consider further support in the form of fiscal and non-fiscal incentives.
Source: The New Indian Express < https://www.newindianexpress.com/>
