RINL signs MoU with Andhra Pradesh Government for Rs. 42,000 Crore Investments
The Rashtriya Ispat Nigam Limited, Visakhapatnam Steel Plant has signed a Memorandum of Understanding (MOU) with the Government of Andhra Pradesh (AP) for huge investments to the tune of Rs.42, 000 crores for various projects in its current facility at Visakhapatnam and other parts of the State. With this, RINL emerged as the “Number One” Company as far as the investments are concerned in Andhra Pradesh and this will give a big boost to the industrial development of the State particularly the Visakhapatnam region.
The MoU documents were exchanged by the Chief Minister of AP, Shri N Kiran Kumar Reddy and Shri A P Choudhary, CMD, RINL-VSP on 13th January, 2012 at Hyderabad International Convention Centre (HICC) at the Partnership Summit 2012 in the presence of Dr J Geetha Reedy, Minister for Major Industries, Commerce and Exports promotion.
The MOU envisages that the Government of Andhra Pradesh would facilitate RINL to obtain necessary permissions/ registrations/ approvals/clearances etc. from the concerned departments of the State, as per the existing policies/rules and regulations of the State Government. Government of Andhra Pradesh will also facilitate allotment of iron ore mines including other raw material mines, supply of water, power, etc., to RINL on priority basis.
Under the Agreement, VSP will invest around Rs. 42,000 crores for various projects for the expansion and modernization of the plant. This MOU is made to facilitate RINL for establishment of the Projects in Andhra Pradesh in a time bound manner. The signing of the MoU with the State Government would strengthen RINL for the next phase of expansion to 11/12Mtpa.