HYDERABAD: The state government and the Visakhapatnam steel plant (Rashtriya Ispat Nigam Limited) will sign a memorandum of understanding during the Partnership Summit.
Under the agreement, RINL will invest Rs 44,000 cr on expansion of the plant.
As part of the investment proposal, RINL will expand the steel plant capacity to 6.3 mtpa. A sum of Rs 9,000 crore has already been spent and Rs 3,500 crore will be spent during 2012-13. An amount of Rs 7,000 crore will be spent this year towards expansion of the steel plant by another 1 mtpa unit which will enhance the capacity to 7.3 mtpa. An additional amount of Rs 5,500 crore will be spent on installation of largest diameter seamless tube plant and another Rs 3,000 crore on coke oven battery complex.