Indian steelmaker Rashtriya Ispat Nigam Limited (RINL) has announced that it has signed a memorandum of understanding (MOU) with the government of Andhra Pradesh state in India, agreeing on the importance of infrastructure and industrial development in Andhra Pradesh.
The agreement envisages investment of around INR 385 billion ($5.76 billion) to take up various projects at Visakhapatnam with employment opportunities for around 3,000 people. The agreement includes the modernization and expansion of RINL to a capacity of 7.3 million mt per year, with an investment of INR 36 billion ($538.6 million), the construction of the coke oven battery No. 5 with an investment of INR 34 billion ($508.69 million), the second phase expansion of RINL to 11.5-12 million mt per year with an investment of INR 250 billion ($3.74 billion), the establishment of Slurry Pipeline & Pellet Plant project - a joint venture with NMDC and others with a total investment of INR 61 billion ($912.66 million), and the Transmission Line Tower Project - a joint venture with POWERGRID, with an investment of INR 3.3 billion ($49.37 million).
With the agreement, the government of Andhra Pradesh will support the company’s participation in significant projects in Andhra Pradesh, wherever feasible. In turn, RINL will support the development of infrastructure in Andhra Pradesh, considering the government’s focus on promoting manufacturing and industrialization in the state and facilitating a conducive investment environment.