VISAKHAPATNAM: South Korean steel manufacturer POSCO has shown interest to set up a steel plant on Rashtriya Ispat Nigam Limited (RINL) land in Visakhapatnam and a non-binding MoU was signed between POSCO and RINL in October 2019, according to Union Minister for Steel Dharmendra Pradhan. The minister in a written reply to YSRC MP Vijayasai Reddy’s query on Wednesday, said a joint team of POSCO and Hyundai visited RINL. Subsequently, officials from the South Korean company visited RINL at least three times on July 9 and September 23 in 2019, and February 2020 in connection with setting up the plant, the minister said.
He said as per the MoU, POSCO will hold at least 50 per cent shares while the stakes of RIN L will be worked out on the basis of valuation of RINL’s contribution for the land in setting up the plant. He said POSCO and Hyundai, along with the ambassador of South Korea, had visited Visakhapatnam and held a meeting wi t h representatives of RIN L, NMDC and Ministry of Steel in October 2018. He said a joint working group has been formed for exchange of information for setting up greenfield plant in surplus land of RINL.