The Indian government will invest INR 10 billion ($154 million) to revive and modernize Visvesvaraya Iron and Steel Plant (VISL), a subsidiary of the government-owned Steel Authority of India Limited (SAIL), after necessary approval has been received from the board of directors of SAIL, India’s minister of steel and mines Narendra Singh Tomar said on Monday, August 24.
The ministry of steel and mines had initiated talks with the Karnataka government for allocation of an iron ore reserve for exclusive sourcing of raw material by VISL, located in the southern Indian province of Karnataka, according to the minister.
Other parameters for expansion and modernization of the VISL plant will be finalized by officials of SAIL within the next few months.
VISL is one of the oldest steel mills in the country with production of high quality alloy and special steel along with pig iron. Its capacity included 77,000 mt of alloy and special steel and 205,000 mt of pig iron.