The Andhra Pradesh government has welcomed South Korean major POSCO to set up its greenfield coordinated steel plant in SPS Nellore locale and vowed to expand monetary and non-financial motivating forces well beyond those specified in the state Industrial Policy 2020-23. The state government”s greeting to POSCO comes when Chief Minister Y S Jagan Mohan Reddy is enduring an onslaught from the resistance groups for intriguing with the Center in the work to privatize the Visakhapatnam Steel Plant (VSP).

The resistance groups have been claiming that the CM hit an arrangement with POSCO to surrender the VSP on a platter, even as Jagan came out with a rejoinder saying he has, indeed, welcomed the South Korean organization to set up another steel plant in the state and recommended three unique areas. POSCO authorities previously consulted with the Chief Minister over the issue. POSCO India CMD Sung Lae Chun and group visited Krishnapatnam early this month to distinguish a planned site for the coordinated steel plant.

In this scenery, state Special Chief Secretary (Industries and Investment) R Karikal Valaven composed a letter to Chun welcoming the POSCO assignment from its Seoul base camp to affirm its proposition for setting up the plant at the recognized area. “The AP government conceives that the steel plant at Krishnapatnam will be an anchor industry in driving the financial action in the area and the state will uphold POSCO to the most awesome aspect its endeavors,” Valaven said.

He said Krishnapatnam was one of the biggest mechanized ports in South Asia, with a profound draft fit for taking care of Capesize and Panamax vessels. “Building up a logistical steel plant directly adjacent to a top notch port offers different strategic benefits, considering high volume imports and fares emerging out of the activities. The state government will actually want to consider further help as monetary and non-financial motivating forces dependent on explicit demands in accordance with the volume of speculation and work openings and auxiliary modern development,” the Special Chief Secretary guaranteed.