Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, on January 11 signed a memorandum of understanding (MoU) with the government of Andhra Pradesh to invest Rs 38,500 crore to increase its steel production and related facilities to 12 million tons per annum (mtpa).
The investment will generate employment opportunities for around 3,000 people, an official release said.
Of the total amount, Rs 3,600 crore would be spent on modernisation and expansion of RINL’s steel-making capacity to 7.3 million tons per annum (mtpa)
Another Rs 3,400 crore would be spend on construction of coke oven battery-5 while Rs 25,000 crore would be spent on further expansion of steel-making capacity to 11.5-12.0 mtpa.
The company will also invest Rs 6,100 crore on setting up a slurry pipeline and pellet plant project in joint venture with NMDC and Rs 330 crore on setting up a transmission line tower project in joint venture with Powergrid, the release said.
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