RINL to invest Rs.38,500 cr on expansion of projects in Vizag
Rashtiya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant, has signed an agreement with the Andhra Pradesh government to take up various projects with an investment of around Rs.38,500 crore. The agreement, signed during the ‘Sunrise AP Investment Meet’ being held in Visakhapatnam, aims at creating employment for around 3,000 people. The investments include expansion of RINL to 7.3 million tonnes per annum (MPTA) and modernization with an investment of Rs.3, 600 crore and further expansion to 11.5 - 12 MTPA at an estimated cost of Rs.25, 000 crore. The MoU also ensures construction of Coke Oven Battery-5 and other projects at an investment of Rs.3,400 crore, besides establishment of a slurry pipeline and pellet plant project (joint venture with NMDC and others) at an investment of Rs.6,100 crore and a Transmission Line Tower Project (JV with Power grid) at Rs.330 crore investment. As per the MoU, the Andhra Pradesh government will support the company’s participation in significant projects in the state. These include advisory services, setting up manufacturing facilities, infrastructure development, R&D and implementation support. Meanwhile, Australia-based Queensland Coal Corp had also reportedly agreed to set up a coal-based power plant in Andhra Pradesh at an investment of over Rs.30,000 crore. Besides, PetroGas Pvt Ltd, a joint venture of Isomeric Holdings Bhd from Malaysia and LEPL Ventures Pvt Ltd of Vijayawada, had also reportedly signed a pact with Krishnapatnam Port Company Ltd and the government of AP for the setting up of a regasification and floating storage terminal at the port with an investment of over $500 million. Andhra Pradesh is said to have attracted investments of around Rs.170 lakh crore on the second day of summit on Monday and is expecting Rs.4 lakh core more by the end of the event on Tuesday.
January 12, 2015 | 12:52pm IST.
to success.