Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) has signed a memorandum of understanding with Power Grid Corporation of India for setting up a joint venture electrical steel production facility here.
According to a press release, the MoU was signed here on Monday by Mr A.P Choudhary, CMD of RINL, and Mr R.N. Nayak, CMD of Power Grid Corporation. Directors of RINL and PowerGrid were present on the occasion.
RINL is taking steps to set up production units for value-added products like silicon steel (electrical steel). At present, the country is meeting its entire requirement of electrical steel through imports.
The new project envisages production of cold-rolled green-oriented (CRGO) and cold-rolled non-oriented (CRNO) steel by setting up a new hot strip mill suitable to feed the right quality of hot rolled coil for producing CRGO steel.
Recently, the RINL floated a global expression of interest for potential technology suppliers and had detailed technical deliberations with them along with PowerGrid officials and others.
Earlier, RINL and PowerGrid signed a MoU in December 2011 to set up a joint venture for the manufacturing of transmission line towers and tower components including high-end R&D products. The work is under progress, said the release.