The AP state cabinet has approved ArcelorMittal Nippon Steel India Limited (AMNSL) proposal to set up a plant with an investment of Rs 1.35 lakh crore. It has also given permission to the company to build a captive port.
I& PR Minister Kolusu Parthasarathy said that the plant will produce 17.8 MPTA of steel in two phases. The company has been permitted to establish a captive port with a 2.9 km waterfront at DL Puram in Anakapalli. This will come up in two phases.
The first phase of the captive port will be constructed at a cost of Rs 5816 crore and will provide jobs to 10,000 people. The second phase will cost Rs 5380 crore and will provide jobs for 5000 people, according to the Minister.
As for the steel plant, the first phase will be completed by January 2029 and create 20,000 jobs. The second phase will be completed in 2033 and 35,000 jobs will be created.
Apart from this, the government decided to give a push to the tourism department to boost employment and revenues. The Minister said that 50,000 rooms will be constructed in the next five years.
The bar license has been reduced to Rs 25,000 from Rs 66,000 to increase investments, he said. The idea is to boost hospitality and tourism, the Minister said.
