State Government of Andhra Pradesh on 23rd February 2021 finalised Liberty Steel India Limited as the joint venture partner for construction and development of YSR Steel Plant in Kadapa district. Andhra State Cabinet also approved acquisition of 3,148.68 acres of land in Jammalamadugu Mandal of Kadapa district for the Integrated Steel plant at the rate of INR 1.65 lakh per acre. According to terms of the JV Liberty Steel would spend Rs 10,802 crore on building the steel plant.
Andhra Government invited proposals in November last year from renowned companies for inducting as a joint venture partner. Liberty Steel India, a direct subsidiary of U.K. based Steel and Mining company owned by India born Mr. Sanjeev Gupta. The proposed Steel Plant will have a capacity of up to 3 MTPA for producing high grade Steel products.
The State government already has signed an MoU with NMDC for supplying the required 4.5 MTPA Iron Ore every year for the proposed Steel Plant. The Integrated Steel Plant is expected to provide direct and indirect employment to about 25,000 people.