RINL, the corporate entity of Visakhapatnam Steel Plant inked an MOU with Government of Andhra Pradesh during the “22nd CII Partnership Summit & 1st Sunrise AP Investment Meet” under way in Visakhapatnam.
The GoAP and RINL agreed on the importance of infrastructure and industrial development in Andhra Pradesh and welcomed mutual cooperation for facilitating investments in Andhra Pradesh.
Sri PC Mohapatra, Director (Projects), RINL and Sri Kartikeya Misra, IAS, Director of Industries, Government of Andhra Pradesh exchanged the MOU copies for establishing the following projects. The MOU envisages investment of around Rs. 38,500 crores to take up various projects at Visakhapatnam with an employment opportunity to around 3000 people.
- 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 MOU, The GoAP 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, Sri P Madhusudna, CMD, RINL met the Hon’ble Chief Minister of AP, Sri N Chandrababu Naidu and exchanged views.
Hon’ble Chief Minister welcomed RINL ‘s move for investment of around Rs 38,500 crores at Vizag and assured that GoAP will continue to extend all the necessary support to RINL in its journey towards 12 mtpa Plant.