VISAKHAPATNAM: Visakhapatnam Steel Plant (VSP) received bids from 22 companies, including some international players from Ukraine, Dubai, Singapore, Switzerland and USA, on Saturday. This in response to the Expression of Interest (EoI), floated by Rashtriya Ispat Nigam Limited (RINL), the corporate entity of VSP, to fund its working capital or raw material requirements against the supply of steel by RINL.
Interestingly, Singareni Collieries Company Limited (SCCL), through which the Telangana government wanted to participate in the bidding, has not filed its bid so far. The Telangana government’s interest to participate in the bidding had received wide acclaim from various quarters, including steel plant employees.
The EoI from the Ukrainian firm, Vadim Novinsky Alexandra, comes in the backdrop of Ukraine seeking steel for its war effort against Russia. The company, which had to shut down its operations in the war-hit country, reportedly highlighted in its EoI that it was in dire need of steel and that it was ready to infuse working capital in exchange of steel.
On the other hand, RINL has extended the deadline for submitting EoIs by five more days. According to the revised schedule, EoIs can be submitted till 5 pm on April 20. As per the notification, RINL, which has invited business proposals in exchange for its steel, has been looking to partner with companies interested in steel and raw materials used for making steel.
Sources said the participation of firms reflected the confidence of investors in the Visakhapatnam Steel Plant. The international companies, which participated in the bid included Intertrade AG (Switzerland), Indo International Trading FZCO (Dubai), SB International Inc (Dallas), and Global Soft Pte Ltd (Singapore)
SCCL submits report to CM KCR
The Indian bidders included IMR Metallurgical Resources AG, Soorjmull Baijnath Pvt Ltd, JSW Steel Limited, Vinar Overseas, Pvt Ltd, TUF Group, Jindal Steel and Power Limited, Agora Partners, Sri Satyam Ispat Pvt Ltd, Tata International Ltd, HSCODES Pvt Ltd, Elegant Metals and Minerals Pvt Ltd, LK Sri Enterprises LLP, Auroglobal Comtrade Pvt Ltd, Avon Steel Industries Pvt Ltd and Rootage Import and Export Pvt Ltd. It had sent a five-member team from SCCL to study the feasibility for participating in the bidding. It is learnt that the SCCL team has already submitted its report to Telangana Chief Minister K Chandrasekhar Rao.
Meanwhile, the former Joint Director of CBI V.V. Lakshminarayana participated in the bid on behalf of Venspra Impex, a firm based in Vijayawada. Speaking to mediapersons, Lakshminarayana said he would raise funds for working capital through crowdfunding using digital platforms. He said that if 8.5 crore Telugu people fund Rs 100 each month, then Rs 850 crore can be generated. Likewise, if people contribute for four months, they would be able to meet the working capital requirement of the RINL, he added.