RINL Inks MoU with Andhra Government Facilitating Investments in the State
RINL to Make an Investment of around Rs 38500 Crores
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” currently being held in Visakhapatnam. The Govt. of Andhra Pradesh and RINL agreed on the importance of infrastructure and industrial development in Andhra Pradesh and agreed for mutual cooperation for facilitating investments in Andhra Pradesh.
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. Shri PC Mohapatra, Director (Projects), RINL and Shri Kartikeya Misra, IAS, Director of Industries, Government of Andhra Pradesh exchanged the MoU copies for establishing the following 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.
As per the MoU, the Govt. of AP will support the company’s participation in significant projects in Andhra Pradesh wherever feasible. Such participation may include providing advisory services/ setting up manufacturing facilities/ Infrastructure development/ R & D/ Implementation support.
In turn, 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. On this occasion, Shri P Madhusudna, CMD, RINL met the Chief Minister of AP, Shri N Chandrababu Naidu and exchanged views. The Chief Minister welcomed RINL’s move for investment of around Rs 38,500 crores at Vizag and assured that AP govt. will continue to extend all the necessary support to RINL in its journey towards 12 mtpa Plant.