The much-awaited expansion of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), is nearing completion and likely to start yielding results by end of FY15, a top company executive said here today.
"The company is likely to move ahead in achieving the capacity of 7.3 MT liquid steel," RINL CMD P Madhusudan said while addressing the 32nd AGM today.
He said RINL has registered a PAT of Rs 366 crore for 2013-14 as against Rs 353 crore in the previous year and attributed sluggish market conditions for the lower revenue from operations at Rs 13,431 crore.
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"India has increasingly become an important part of the international steel market and a key growth area for steel production, based on factors including its demand for the commodity arising from strong economic growth, low per capita steel consumption and abundant iron ore reserves.
"Increase in demand for steel in India has led to a corresponding increase in steel production which comprises simultaneous commissioning of brownfield expansion of a number of domestic steel companies, including RINL," Madhusudan added.
The AGM also declared a total dividend of Rs 92.65 crore.
