Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, signed a memorandum of understanding (MoU) with the Andhra Pradesh government for an investment of around Rs 38,500 crore. RINL aims to initiate various projects at Visakhapatnam in Andhra Pradesh.
The MoU was likely signed during the 22nd CII partnership summit and the first Sunrise AP investment meet, which is currently going on in Visakhapatnam.
The investments by RINL would include expansion capacity of Vizag Steel to 7.3 million tonnes per annum (MTPA) with a modernisation that may cost approximately Rs 3,600 crore, The Economic Times reported.
At an investment of Rs 3,400 crore, construction of Coke Oven Battery and other projects are also expected to be modernised. The overall investment figure of Rs 38,500 crore also includes further total expansion capacity of RINL to around 11.5 MTPA to 12 MTPA, The Economic Times report added.
Additionally, the company will spend Rs 6,100 crore on a slurry pipeline and pellet plant in a joint venture with NMDC & others. According to reports, another Rs 330 crore will be invested in a transmission project with Power Grid Corporation.
PC Mohapatra, Director (Projects) of RINL, and Kartikeya Mishra, Director of Industries in Andhra Pradesh, exchanged the MoU copies.
RINL, also known as Vizag Steel, is a Navratna public sector enterprising under the Ministry of Steel. It is the first shore-based steel plant to be set up in the company, according to their official website.
