Rashtriya Ispat Nigam (RINL) has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government for expanding its capacity with an investment outlay of Rs 38,500 crore. The MoU envisages an investment of around Rs 38,500 crore to take up various projects at Visakhapatnam with an employment opportunity to around 3000 people.
As per MoU, the state government will support the company’s participation in significant projects in Andhra Pradesh, wherever feasible. In turn, RINL can support the development of infrastructure in Andhra Pradesh, considering government’s focus on promoting manufacturing and industrialisation in the state and facilitating conducive investment environment.
The investment includes further expansion of RINL to 11.5-12 mtpa with an estimated investment of Rs 25,000 crore and establishing a ‘Slurry Pipeline & Pellet Plant Project’ (Joint Venture with NMDC and others) at an investment of Rs 6,100 crore.
Rashtriya Ispat Nigam (RINL), the corporate entity of Visakhapatnam Steel Plant, is a Navaratna PSE under under the Ministry of Steel. Visakhapatnam Steel Plant – popularly known as Vizag Steel is the first shore based integrated steel plant in the country and is known for its Quality products and customer Delight. A maker leader in long steel products. It caters to the requirement of the construction, manufacturing Automobile, General Engineering and Fabrication sectors.
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