M/s Steel Exchange India Limited, a part of the Vizag Profiles Group entered into a Memorandum of Understanding with Government of Andhra Pradesh, on 11th January 2016, during the 22nd CII Partnership Summit and the 1st Sunrise Andhra Pradesh Investment Meet. The MoU was for direct investment by SEIL in Andhra Pradesh for Expansion of Steel Plant from 0.25MT to 1.25 MT at Srirampuram Village, L. Kota Mandal, Vizianagaram District, involving an investment of about Rs.7937 Crores, in two phases which is expected to generate 1500 new jobs. The Memorandum was signed by Sri Bandi Satish Kumar, Chairman and Managing Director SEIL and Sri Kartikeya Misra, Director of Industries, Government of Andhra Pradesh.
M/s Vizag Profiles, the flagship company of the Group also committed to direct investment to Andhra Pradesh for setting up of Warehouses and Cold Chain Warehouse in the coastline of Andhra Pradesh from Srikakulam to Nellore depending on the land allotment by the Government of AP involving an investment of approximately Rs.500 crore which is expected to generate 400 new jobs
The CII Summit was organized to showcase investment opportunities in 'Sunrise Andhra Pradesh'. Union Finance Minister Arun Jaitley, Andhra Pradesh Chief Minister Chandrababu Naidu and several other union ministers such as P. Ashok Gajapati Raju, Nirmala Sitharaman an Ud Y.S. Choudhary were present at the event. The summit envisaged signing of MoUs expecting investment of Rs.5 lakh crore.