Govt to invest Rs 1,000 cr to revive Visvesvaraya Iron & Steel

The government plans to invest Rs 1,000 crore for the modernisation and expansion of the Visvesvaraya Iron and Steel Plant (VISL).
"The Ministry is trying to ensure availability of raw material to VISL and once that is done, the government intends to revive VISL by modernisation and expansion of its facilities with an investment of Rs 1,000 crore," an official statement quoted Steel Minister Narendra Singh Tomar as saying.
Tomar today paid visit to VISL, a unit of domestic steel giant Steel Authority of India Limited (SAIL), the statement added.
"However, this investment will be subject to recommendations of the consultant and approval by SAIL board. We shall try to expedite the whole process," Tomar said.

For raw material security, steps will be taken by state government to allot 140 hectares at NEB range Sandur Taluk in Bellary district of Karnataka to VISL as soon as the case pending in High Court is settled, the Minister said.
"I have held two meetings with the Chief Minister of Karnataka and raised the issue of allotment of mines, including 240 hectares of iron ore mines, in the Ramanadurga area to SAIL, VISL for iron ore security. The CM assured to actively consider the matter on priority basis," Tomar said.
This is Tomar's first visit to VISL, which started operations in 1923 and was established by Bharat Ratna Sir M Visvesvaraya.

The plant is a pioneer in the production of alloy and special steels and has a wide customer base that includes defence, railways, automobile, engineering sector and tool making industry.