India’s Ministry of Steel is proposing to construct a greenfield special steel manufacturing plant with the participation of state-owned Rashtriya Ispat Nigam Limited (RINL), a ministry official said on Monday, November 12.
The official said that, while the special steel project for production of auto-grade steel will be at the site of RINL’s existing steel mill site at Vishakhapatnam in southern India, the project will be carried out through an independent joint venture between RINL and a foreign steel company. The project will have an estimated cost of $4.16 billion, he said.
The official said that, earlier this month, representatives of POSCO and Hyundai visited RINL steel mill at Vishakhapatnam to hold preliminary discussions on floating a joint venture with the Indian steel producer.
The ministry has decided that RINL will pick up a minority equity stake in the proposed joint venture in return for the land to be provided from the site of RINL’s existing steel mill, the official added.
