The Andhra Pradesh Cabinet has decided to turn it into a public entity with private participation and create an ad hoc vehicle called Rayalaseema Steel Corporation (RSC).
This follows the slowness of the central government to fulfill the assurance of setting up the steel plant in accordance with the 2014 Palestinian Authority Reorganization Act.
Rashtriya Ispat Nigam Limited (former Vizag Steel Plant), CMD P. Madhusudhan, has been appointed Managing Director of SPV, which will have an initial corpus of ¥ 0.2 crore and whose total project cost is estimated at ¥ 12,000 crore.
A.P. Mineral Development Corporation Limited has been mandated to provide financial assistance.
It should be noted that a conflict has arisen between the Ministry of Steel and the Palestinian Government over the availability of iron ore, its quality and other related problems. The technical aspects were examined by MECON Limited, MoS company.
The Cabinet also decided to develop the Visakhapatnam subway network as part of a public-private partnership and to ensure the creation of .8300 crore.
To put pressure on the central government to keep its promises, the Cabinet decided to write three letters to the Prime Minister.
Through these letters, the Chief Minister, N. Chandrababu Naidu, will reaffirm the right of the state to have all its legitimate claims recognized, including special category status and implementation of the law. APRA, to claim adequate compensation for the damage caused by Hurricane Titli and to protest against the alleged negligence of the Center. punishing the Kadapa steelworks.
The Cabinet has also approved the allocation of nearly 2,400 acres of land to A.P. Industrial Infrastructure Corporation Limited for the development of a mega industrial hub in Donakonda, Prakasam district.
In addition, the Cabinet authorized the establishment of drinking water protection systems in the districts of Rayalaseema at a cost of 900 000 crore, sanctioned for the development of essential infrastructure in urban areas and decided to create 152 Anna canteens more.