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
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.)