State-run Rashtriya Ispat Nigam Ltd (RINL) said it would invest Rs 42,000 crore at its current facility in Visakhapatnam. The company signed an MoU with the Government of Andhra Pradesh during the two-day CII Partnership Summit, which concluded here on Friday.
RINL is the only shore-based Indian integrated steel plant in the country, with a rated capacity of 3.4 mt hot metal, 3.0 mt liquid steel and 2.656 mt saleable steel. The proposed investments will be used for the expansion and modernisation of RINL ’s plant from its current capacity of 3.4 mt to 6.3 mt over the next few years.
As per the terms of agreement, the state government will facilitate RINL to obtain necessary approvals from the concerned departments of the state and will also facilitate allotment of iron ore mines including other raw materials on a priority basis, RINL said in a statement.
New steel policy: Meanwhile, the Union Ministry of Steel said it has initiated the process of drafting a New National Steel Policy (NSP) to replace the existing policy unveiled in 2005. An apex committee headed by Secretary, Ministry of Steel is being put in place to formulate the proposed policy.
The Ministry has also constituted four task forces to study, analyze, consult and formulate draft policy documents in different aspects of the subject.
