August 20, 2020: Rashtriya Ispat Nigam and Posco have set up a joint working group to facilitate the implementation of the initial pact signed between the two for a 5 million tonne per annum greenfield steel plant in Vizag with an estimated investment of INR 35,000 crore. Representatives of the two companies on July 23 discussed through a video conference the way forward for the proposed greenfield plant while steel ministry facilitated the meeting. Steel Ministry said “During the meeting, it was agreed to set up a JWG consisting of representatives from Posco and RINL to facilitate the implementation of the MoU signed between the two companies regarding investment on land owned by RINL. The JWG would meet regularly to expedite the implementation of the MoU.”
The PMO had earlier instructed the steel ministry to hold discussions with the concerned ministries & parties to facilitate domestic manufacturing of high-grade steel with the help of Japanese and Korean companies. In the preliminary discussions, the ministry gave the delegation assurance of uninterrupted supply of iron ore, a key raw material in steel-making and the required land for the proposed unit
Posco representatives have already made a number of visits to the RINL’s lone steel-making facility in Vizag to get a first-hand experience of the existing facility, where RINL operates a 6.3-mtpa unit, and explore the means and ways to execute the proposed steel unit.
Source: Steel Guru
