State-run Rashtriya Ispat Nigam (RINL) has inked a pact with the Andhra Pradesh government for Rs 42,000 crore investment at its Visakhapatanam facility, the Steel Ministry said today.
"Under the agreement, the Visakhapatanam Steel Plant will invest around Rs 42,000 crore for various projects for the expansion and modernisation of the plant," the statement said.
The signing of pact with the state government would strengthen RINL for the next phase of expansion to 11/12 million tonne per annum, it added.
"...RINL emerged as the 'number one' company as far as the investments are concerned in Andhra Pradesh and this will give a big boost to the industrial development of the state, particularly the Visakhapatnam region," it said.
RINL falls under the administrative control of the Steel Ministry.
"Government of Andhra Pradesh will also facilitate allotment of iron ore mines including other raw material mines, supply of water, power, etc, to RINL on priority basis," it further said
This MoU is made to facilitate RINL for establishment of the Projects in Andhra Pradesh in a time bound manner. The signing of the MoU with the state government would strengthen RINL for the next phase of expansion to 11/12 million tonne per annum.
