The Andhra Pradesh state government has invited POSCO India Private Limited, the Indian subsidiary of the Korean conglomerate POSCO, to set up a greenfield integrated steel plant at Krishnapatnam in the Nellore district. It may be noted that the move comes amid the ongoing protests against the proposed privatisation of the Visakhapatnam Steel Plant.
In this regard, state Special Chief Secretary of Industries and Investment, R Karikal Valaven, wrote a letter to Sung Lae Chun, the Chairman and Managing Director, POSCO India. In the letter, Valaven extended his invitation to the POSCO delegation at its headquarters in Seoul, South Korea to come and visit the proposed location for setting up a steel plant at Krishnapatnam in Andhra Pradesh.
As per sources, the Special Chief Secretary expects that the setting up of the steel plant at Krishnapatnam will play a prominent role in the economical development of the state. The Andhra Pradesh government also intends to support POSCO in form of both fiscal and non-fiscal investments.
Krishnapatnam Port, located in the Nellore district on the east coast of the country is highly equipped for heavy-duty industrial procedures. The port houses a Deep Draft built which can accommodate Capesize and Panamax vessels. It also has an enormous back-up area of 6,800 acres and offers round-the-year operation and navigation. In addition, the port facilitates mechanized handling systems at dedicated storage areas and adheres to a clean and contamination-free protocol for break-bulk cargo. With such amenities, Krishnapatnam Port is set to become the largest port in the South Asian territory.