Govt. in talkswith POSCO on Krishnapatnam steel plant

The State government has invited a delegation of South Korean steel maker POSCO for talks on the establishment of a greenfield integrated steel plant at Krishnapatnam in Nellore district, according to a reliable source in the Industries Department.

A joint team of the government and POSCO is learnt to have already identified land at Krishnapatnam, which is showcased as a promising industrial growth centre by virtue of its proximity to Chennai and Bengaluru and its strategic location in the Chennai – Bengaluru Industrial Corridor, which is being developed with the support of the Government of India.

While claiming that its Industrial Policy for 2020-23 is considered one of the best in the country, the government promises to extend full support to the company in the form of fiscal and non-fiscal incentives.

The State’s consistently high Ease-of-Doing Business ranking has been cited as a testimony to the government’s support for industrial growth.

The government has expressed its willingness to take steps to hand over the land at the earliest to POSCO once the two sides reach an understanding on the way forward.

It has expressed confidence that the proposed steel plant at Krishnapatnam will be an anchor industry in driving economic activity in the State.