Rashtriya Ispat Nigam Limited (RINL) and South Korean steelmaker Posco have created a joint working group (JWG) following discussions between India’s Steel Ministry and the Korean delegation regarding the proposed 5mn mt greenfield steel plant in Vizag, according to media reports. The projects entails an investment of Rs350bn.
On July 23, a discussion was held on implementation of Memorandum of Understanding (MoU) signed by the two companies regarding investment on land owned by RINL.
The project under ‘Make in India’ campaign aims to replace minimise imports and produce high-end steel for automotive and other sectors. The proposed project would increase the domestic installed steelmaking capacity to 300mn mt by 2030-31 from the present 142mn mt.