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Rashtriya Ispat Nigam Limited inks MoU with Andhra Government Facilitating Investments

Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant inked an MoU with the Government of Andhra Pradesh today during the “22nd CII Partnership Summit & 1st Sunrise AP Investment Meet”.

The three-day Partnership Summit, which began on Sunday, is being jointly organised by the State Government and the Confederation of Indian Industry (CII).

The MoU envisages facilitating investment of around Rs. 38,500 crores by RINL to take up various projects at Visakhapatnam with an employment opportunity to around 3000 people.

RINL can support the development of infrastructure in Andhra Pradesh, considering Government’s focus on promoting manufacturing and industrialization in the state and facilitating conducive investment environment.

Projects :

• Expansion of RINL to 7.3 mtpa & modernization with an investment of Rs 3,600 crores.

• Construction of Coke Oven Battery-5 and other projects at an investment of Rs 3,400 crores.

• Further expansion of RINL to 11.5 – 12 mtpa with an estimated investment of Rs 25,000 crores.

• Establishing a Slurry Pipeline & Pellet Plant Project (Joint Venture with NMDC & Others) at an investment of Rs. 6,100 crores.

• Transmission Line Tower Project (JV with POWERGRID) with an investment of Rs. 330 crores.

About RNIL:

Rashtriya Ispat Nigam Ltd, (abbreviated as RINL), also known as Vizag Steel, is an Indian government-owned steel producer. Based in Visakhapatnam,

RINL has been awarded the Navaratna status, with accompanying autonomy of operations, due to its strong financial performance.

It is amongst the most advanced Steel plants in India and one of largest integrated steel plants in the world.

RINL is wholly owned by the Government of India.

The Rashtriya Ispat Nigam Limited (RINL) ,registered a growth of eight per cent by achieving a turnover of Rs.8,636 crore during April-December 2015.

RINL bagged the ‘Star Performer Award’ for 2013-14 for the second time in succession for contribution to exports.

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