RINL plans Rs15,000-crore steel plant JV with Karnataka government
23 Apr 2011
State-owned Rashtriya Ispat Nigam Ltd (RINL) is planning to set up a three million tonne capacity steel plant as a joint venture with the Karnataka government.
The proposed joint venture would involve investment to the tune of Rs15,000 crore, the company CMD Pradip Kumar Bishnoi said today.
Bishnoy was interacting with reporters in Bangalore after launching the company's rural dealership scheme in Karnataka.
RINL, which runs the Vishakapatnam Steel Plant, will utilise the existing facilities of Kudremukh Iron Ore Company Ltd to set up the plant, he said.
Bishnoi, however, clarified that RINL was not looking at any mining activity in the Kudremukh area, which has been banned under a court order.
He said the company would seek mining rights at alternative sites to be granted by the state in the event of the project taking off.
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