VSP achieves all-time high sales

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Visakhapatnam, Apr 26 (UNI) Rashtriya Ispat Nigam Limited (RINL) Chairman and Managing Director P K Bishnoi today said the Visakhapatnam Steel Plant (VSP) achieved an all time record sales turnover of Rs 10,425 crore for 2007-08, surpassing the previous best of Rs 9,131 crore registered in 2006-07.

Addressing the press here, he said due to disruption in supply of iron ore, production had dropped by four per cent in 2007.

However, the VSP had achieved a better growth rate of 14 per cent over the previous year.

During the year, domestic sales had also registered the highest figure of Rs 9,869 crore which was more than 13 per cent over the previous year.

To a question, he said the cost of production per tonne of steel was Rs 21,179.

Besides SAIL, CIL, NTPC and NMDC, he said, RINL had become a member of the Special Purpose Vehicle for International Coal Ventures, which was formed for acquiring coal mines abroad.

Bids for the 'Gas Turbine Combined Cycle (GTCC) Power Plant,'were likely to be finalized very soon, he said.

Besides, commercial production of steel was likely to commence from the expanded units in February 2010, he said.

As part of its 'Corporate Social Responsibility,' the VSP and RINL had undertaken various health and education related activities, adopting seven villages benefiting 95,000 people.

The expenditure on CSR activities had increased manifold from a Rs 1.13 crore in 2006-07 to Rs 13.75 crore in 2007-08 with a committed expenditure of Rs 19 crore on hand.

The budget for 2008-09 on CSR was expected to be around Rs 35 crore, he added.

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