Centre to invest Rs 9000 cr for expansion of Vizag Steel Plant

HYDERABAD: The Centre would invest Rs 9,000 crore for the expansion of Vizag Steel Plant, Andhra Pradesh Chief Minister K Rosaiah said here on Monday.

"Government of India has decided to invest about Rs 9,000 crore for the expansion of Vizag Steel Plant," he said addressing a gathering after inaugurating new buildings of the Andhra Chamber of Commerce.

Highlighting that the state is making rapid strides in industrialisation, he said the PSU firms NTPC and BHEL would set up a power plant equipment manufacturing unit in Chittoor district with an investment of Rs 6,000 crore.

Renowned footwear manufacturing company Apache has also taken up expansion of its existing facility in Nellore district, he said.

The Colombo-based Brandix company has started its operations and their gigantic unit is slated for inauguration at Visakhapatnam, Rosaiah said.

Praising the initiatives of late Chief Minister Y S Rajasekhara Reddy in putting the state on the path of rapid industrialisation, he said his government would strive to perform in all aspects of development.

Saying that his government would encourage industrialists and that the World Bank has named Hyderabad as a business- friendly city, Rosaiah urged the industrialists to make investments in the state.