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PTI Kolkata
Updated: 26-11-2018 20:18 IST

Rashtriya Ispat Nigam Ltd (RINL)

is open to foray into flat steel if South Korean automotive

manufacturer Hyundai Motor Company finalises Vizag as its site

for manufacturing high-grade steel.

RINL Chairman and Managing Director P K Rath, however,

said talks between the state-owned company and Hyundai are at

a preliminary stage.

"Officials from Hyundai, the Korean Ambassador to

India and a few officials had paid a visit to the RINL site in

October. Now, they will give their feedback to the Indian

government. There is no further development," Rath said on the

sidelines of 'STEELIES India Award' 2018.

RINL has about 3,000 acres of land at Vizag in Andhra

Pradesh that can be utilised for the project, which will not

be less than 3-million-tonne capacity, he said.

The proposed project will enable RINL enter into the

high-grade flat steel sector and long products for the

automotive sector.

Asked how the company will fund its stake in the

enterprise if it materialises, Rath said, "We have land, a

scarce commodity as equity."

At present, the growing demand for automotive flat

steel is largely met through imports.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)