Steel Exchange India Limited (SEIL), part of Vizag Profiles group has entered into a memorandum of understanding (MoU) with government of Andhra Pradesh for expansion if its steel plant in the state at an investment of Rs 7,937 crore. The MoU was signed during the 22nd CII Partnership Summit and the 1st Sunrise Andhra Pradesh Investment Meet.

SEIL will raise the capacity of its steel plant to 1.25 million tonne at Sreerampuram village, in L. Kota Mandal, Vizianagaram district, in two phases. The expansion is expected to generate 1500 new jobs.

The MoU was signed by Bandi Satish Kumar, chairman of SEIL and Kartikeya Misra, Director of Industries, government of Andhra Pradesh.

Vizag Profiles, the group flagship will also invest Rs 500 crore in setting up warehouses and cold chain warehouse along the coastline of Andhra Pradesh from Srikakulam to Nellore depending on the land allotment by the GoAP.

The CII Summit, organized to showcase investment opportunities in 'Sunrise Andhra Pradesh', envisaged signing of MoUs for investment worth Rs 5 lakh crore.

 

economictimes.indiatimes.com

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