AP govt approved Adani Group’s investment proposal of INR 15,740 cr
Jagan Mohan Reddy, CM of Andhra Pradesh cleared the Adani Group’s proposal for an investment of Rs 15,740 crore to set up pump storage projects with a total capacity of 3,700 MW across 4 districts of the state.
Chief Minister Y.S. Jagan Mohan Reddy approved the pump storage projects with a total capacity of 3,700 MW submitted by Adani Green Energy, in order to give a boost to the green energy sector in Andhra Pradesh. The project was approved during a review meeting of the State Investment Promotion Board (SIPB) on Wednesday.
Recently, during the World Economic Forum meet at Davos, Adani Group has proposed an investment of Rs 60,000 crore in the state of Andhra Pradesh. Chief Minister Reddy has cleared the proposal of investment of Rs 15,740 crore which is a part of the total proposed investment of 60K crore.
Adani Group has proposed pump storage projects with a total capacity of 3700 MW in four districts of the state. The four proposed plants will include two in Parvathi Puram, one in YSR Kadapa, and one in Satya Sai.
The group has proposed to build two plants in ParvathiPuram, a 1200 MW plant in Kurukutti and a 1000 MW plant in Karrivalasa. Meanwhile, a 1000 MW plant will be set up in Gandikota while a 500 MW plant in Chitravathi.
Adani Group has proposed that they will be generating 3,000 jobs in Kurukutti, 3000 in Karrivalasa, 1500 in Chitravathi and 2500 in Gandikota. In total, the project is expected to generate around 10,000 jobs across four districts of Andhra Pradesh.
Commencement of the project is planned for December 2022, and commissioning is expected in December 2028. The plants are being planned to be built over 1,490 acres of land. These lands will be leased to the state government from farmers at a cost of Rs 30,000 per acre in these districts, while the money will be directly transferred to the farmers.
Furthermore, the state will earn a revenue of Rs 2,775 crore in terms of the power stored through the project, and another Rs 980 crore in SGST.
YS Jagan Mohan Reddy, the Andhra Pradesh chief minister, said in the SIPB meeting, “this will give a great boost to investment and employment in the state.”
The government also decided to apply for the PM MITRA scheme, which proposes to set up an integrated textile park in the YSR Jagananna Mega Industrial Hub at Kopparthy in YSR District. Under the scheme, the government will fix the cost of power at Rs 4.5 per unit and the cost of water at Rs 60 per TMC for the 10-year project period
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