JSW Group to invest Rs 3,500 crore in Andhra Pradesh

JSW Group has inked a Memorandum of Understanding (MoU) with Andhra Pradesh Economic Development Board (APEDB) to invest Rs 3,500 crore in the state.

The group proposes to develop two jetties at Ramayapatnam Port in Prakasam district and lay a slurry pipeline.

An official release from APEDB said two jetties would be developed in 200 acres of land at Ramayapatnam Port with Rs 1,000 crore as part of JSW’s plans to expand their logistics footprint in South Asia.

The slurry pipeline, expected to build synergies and linkages to Prakasam district, will be laid with Rs 2,500 crore estimated investment for the group’s plant in Bellary district in Karnataka. The MoU is expected to generate 250 direct jobs.

The MoU was signed and exchanged between JSW Group chairperson Sajjan Jindal and APEDC CEO J Krishna Kishore on the sidelines of the World Economic Forum in Davos in the presence of IT Minister Nara Lokesh.

Image credit : static-news.moneycontrol.com

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