Jindal Steel and Power Limited (JSPL), one of the major steel producers in India, announced that it has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to invest Rs 10,000 crore to set up a new steel plant near Krishnapatnam, with an annual production capacity of three million tons. The new steel plant will create 10,000 jobs.

In addition, JSPL will invest in renewable energy such as solar, wind, and hydro and expand the capacity of its existing cement plant. Also, the company will invest in a port and build a slurry pipeline and a micro, small, and medium enterprises (MSME) park in the state.