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AP CM Mr Naidu lays foundation stone for Rayalaseema Steel Corporation in Kadapa-The 20th China (Guangzhou) Int’l Spring Industry Exhibition
12/28/2018 彈簧展- Spring Industry Exhibition-Spring expo |
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Andhra Pradesh Chief Minister N Chandrababau Naidu has laid the foundation stone at Maremma Kambaladinne village in Mylavaram mandal, in the state’Kadapa district, for the construction of the steel plant. Mr Naidu said “The long-cherished dream of the people of Kadapa would turn into a reality in two years. We will acquire the required land in one month, commence construction of the steel plant in three months, complete the construction and start production of steel in two years.”
He had earlier said “The NDA Government had not come forward to set up the plant though provision was included in the AP Reorganisation Act, 2014, and therefore the State Government is going ahead with the project on its own. We have offered everything, land, water, power and iron ore is available in the vicinity. Still, the Union Government is not willing to honour the promise."
Following up the decision to set up the proposed integrated steel plant in Kadapa district on its own, the government of Andhra Pradesh has issued an order constituting Rayalaseema Steel Corporation Limited with Mr P Madhusudan, former CMD of Visakhapatnam Steel Plant, as CMD and Director of Mines and Geology and Special Secretary (Finance) and AP Mineral Development Corporation (APMDC) Vice-Chairman and Managing Director (VC&MD) as directors. The RSCL will have an authorized paid-up capital of INR 2 crore divided into 2000000 shares of INR 10 each held by the Governor represented by the Assistant Secretary (mines) to the GoAP, Director of Mines of GoAP and RSCL CMD in 1999998:1:1 ratio. The VC&MD of APMDC has been authorised to draft the Memorandum of Association and the Articles of Association for filing the same with the Ministry of Corporate Affairs.
The AP government last month cleared the formation of the company as a 100% State-owned entity and named it RSCL after differences with the Centre over technical and other issues pushed the project into uncertainty. Nothing had moved in the positive direction thereafter in spite of constant reminders to the Ministry of Steel by TDP MPs, who went to the extent of seeking the President’s intervention.
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