Monday, 25 Apr 2011
Rashtriya Ispat Nigam Ltd said it is planning to set up a 3 million tonne capacity steel plant under joint venture with Karnataka.
Mr Pradip Kumar Bishnoi CMD of RINL told reporters that the investment in the proposed JV would be in the order of about INR 15,000 crore.
He said that KIOCL has some fine dumps of iron ore which it has not used and RINL is planning to utilize it. KIOCL also owns a pellet plant at Mangalore which the Vizag steel is keen on running.
Mr Bishnoi clarified that his company was not looking at any mining activity in the Kudremukh area and would seek mining rights at a place to be granted by the state in the event of the project taking off.
RINL has been eying to utilize the existing facilities of Kudremukh Iron Ore Company Ltd to set up the plant. Under a Supreme Court order which banned mining activity in the eco sensitive Western Ghats region Kudremukh plant was shut down about five years ago.
He said that the company at its Vizag plant would be setting up a 4 million tonne capacity Special Products plant investing about INR 25,000 crore by 2015. The process of setting up of this plant has begun.
He added that it has plans to expand the production capacity to 20 million tons by 2020-2021.
(Sourced from ET)
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