RINL signs MOU with Managanese Ore Limited

Kolkata, Jul 27 (UNI) Public sector Rastriya Ispat Nigam Limited (RINL) has signed a Memorandum of Understanding (MOU) with the Manganese Ore India Limited (MOIL) with a view to forming a joint venture unit for production of ferro alloys under equal equity participation.

The proposed unit near Vizag Steel plant, to be christened as RINMOIL Limited, was expected to go into production in early July next year with projected production capacity of 60,000 ton per annum in the first phase, RINL sources here today said adding the total project cost was to the tune of Rs 80 crore.

The new joint venture unit would market ferro alloy in its own brand, the sources here today said.

RINL Chairman and Managing Director Y Siva Sagar Rao and his counterpart in MIOL K L Mehrotra signed the agreement of behalf of their respective companies yesterday, the sources said adding the new unit was expected to mitigate the problems presently faced by RINL in getting its ferro alloy requirement on continuous basis.

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