Steel Exchange to invest 7,937 cr in AP
Steel Exchange India Limited, a part of the Vizag Profiles Group, is investing Rs 7,937 crore to expand its steel plant in Andhra Pradesh.
To expand capacity of its steel plant in Vizianagaram district
Hyderabad: Steel Exchange India Limited, a part of the Vizag Profiles Group, is investing Rs 7,937 crore to expand its steel plant in Andhra Pradesh. The capacity of the plant located in Sreerampuram village in Vizianagaram district of AP will be increased from 0.25 million tonnes per annum to 1.25 million tonnes. The BSE- listed company signed a memorandum of understanding (MoU) in this regard with Andhra Pradesh during the 22nd CII Partnership Summit which ended in Visakhapatnam on Tuesday.
The investment will be made in two phases and this is expected to generate 1,500 new jobs, the company said in a statement. The MoU was signed by Bandi Satish Kumar, CMD, SEIL and Kartikeya Misra, Director, Industries, AP. Vizag Profiles, the flagship company of the group, also committed to direct investment to Andhra Pradesh for setting up of warehouses and cold chain warehouse in coastal areas of AP. This will involve an investment of about Rs 500 crore which is expected to create 400 new jobs.