Hyderabad, Feb 24 (IANS) The US-based Brighton Equipment Corporation will set up a Rs.2,900 crore nuclear power equipment plant in Andhra Pradesh.
A memorandum of understanding (MoU) for setting up the plant was signed here Wednesday night by the US firm and the state government officials.
The mega plant, which will come up at Nakkapally Village of Visakhapatnam district in coastal region, will manufacture the largest forged steel components used in third generation nuclear power plants for Indian and international markets.
Chief Minister N.Kiran Kumar Reddy said the government had earmarked 800 acres of land for the project. He also promised land for establishment of ancillary units.
According to a statement by the chief minister’s office, the project is expected to be completed in five years, providing employment to about one lakh people.
Brighton Group chairperson Kit Kung said they propose to convert the manufacturing facility as a special economic zone. The goods manufactured in the project will not only be marketed in India but also abroad.
“This is one of the biggest foreign direct investment (FDI) manufacturing projects in the state during the recent times. The state government assured to provide all infrastructure facilities like water, power and road connectivity,” the statement said.
The company plans to start the production in two years and provide direct employment to 2,500 skilled people.
The plant, along with additional support factories that will be needed in the immediate vicinity, will employ about one lakh people.
Brighton will manufacture large forged steel components used in the third generation nuclear power plants, besides equipment for large industries, including petrochemicals, conventional power plants (electric and hydro) and shipbuilding.
Brighton is a heavy equipment and forged steel manufacturing company and part of a group of companies founded by Kit Kung in 1980.
The US-based firm has field offices in Beijing, Shanghai, Shenzhen and other parts of China.