Thursday, November 17, 2005

Vizag Steel increases capacity

Vizag Steel Capacity:
Vizag Steel, of Rashtriya Ispat Nigam (RINL) will tie up with either, Coal India or "other partners", to exploit a coking block it has acquired at Jharia in Jharkhand, highly placed sources in the company said. "We have just got the government clearance and are scouting for partners," said sources.
The reserve, with a proven capacity of 110 million tonne of coking coal, will partly take care of its raw material needs for the Rs 8,600-crore expansion plan to double capacities.
To further secure its coal needs, an RINL team is currently touring Australia and the US to explore joint venture opportunities to acquire coal mines.
"For iron-ore, we have tied up with National Minerals Development Council, which has assured us of taking care of the entire requirement. But as we don't have coal mines, we want to be secure in coking coal requirements," said sources.
The company has also plans to get into the exports market after a year. "Earlier we were exporting almost 15 per cent of our production. But with the domestic demand increasing, it was stopped. This year, we are again looking at the overseas market," according to sources.


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