VSP signs MoU with MOIL to produce ferro alloys

Visakhapatnam, July 27 (UNI) Visakhapatnam Steel Plant (VSP) today signed an MoU with Manganese Ore India Limited (MOIL) to form a joint venture in producing ferro alloys.

It was signed by VSP Chairman and Managing Director Y Siva Sagar Rao and MOIL, CMD K L Mehrotra here. The joint venture company, with 50 per cent equity particiaption, was expected to go into production in the second quarter of 2007.

The unit, which would be close to the VSP, would have a manaufacturing capacity of aproximately 60,000 metric tonne per year in the first phase.

The company, with a project cost of Rs 80 crore, named 'Rinmol Limited' would launch the products product under its own brand name.

The project is expected to remove the bottlenecks in Renal, in getting ferro alloy requirements, on a continuous basis.

UNI BSR JJ 1735