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VSP to invest 38,500 crore
The public sector Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, signed an MoU with the State government for expanding the capacity and other works with an investment outlay of Rs 38,500 crore on the second day of the CII Partnership Summit here on Monday.
Visakhapatnam: The public sector Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, signed an MoU with the State government for expanding the capacity and other works with an investment outlay of Rs 38,500 crore on the second day of the CII Partnership Summit here on Monday.
The MoU includes the expansion of RINL to 7.3 mtpa and modernization with an investment of Rs 3,600 crore, construction of coke oven battery-5, further expansion of RINL to 11.5 -12 mtpa with an estimated investment of Rs 25,000 crore, establishing a slurry pipeline and pellet plant project (Joint Venture with NMDC and others at an investment of Rs 6,100 crore), Transmission Line Tower Project (JV with Powergrid) with an investment of Rs 330 crore.
RINL Director (projects) PC Mohapatra and Director of Industries Kartikeya Misra exchanged the MOU copies. Earlier, the CMD of RINL called on Chief Minister N Chandrababu Naidu and informed him about the expansion projects in the pipeline. These expansion projects will provide employment opportunities to around 3000 people.
As per the MOU, the State government will support the company’s participation in significant projects in the State wherever feasible. Such participation may include providing advisory services and setting up manufacturing facilities or Infrastructure development or research and development or implementation support.
