RINL finalising 2020 corporate plan to increase capacity to 16mln tn

New Delhi, Sep 25 (UNI) Visakhapatnam Steel Plant (VSP) of Andhra Pradesh-based public sector company Rashtriya Ispat Nigam Ltd (RINL) has earned a net profit of Rs 1252.37 crores for the year 2005-06.

''The corporate plan 2020 of the company is in the process of finalisation,'' RINL Chairman and Managing Director Y Siva Sagar Rao said at the 24th annual general meeting adding that the plan will expand the capacity of the plant up to 16 million tonnes by then.

The expansion funding largely will be from internal resources, he added.

In 2005-06, the company registered a total sales of Rs 8482 crores and is poised for improving its performance significantly in the current financial year, Mr Rao said.

He informed the shareholders that the company has signed a Memorandum of Understanding (MoU) with Manganese Ore (India) Limited (MOIL) for ferro-alloys and with National Mineral Development Corporation (NMDC) for iron pellets.

Also, the government has allotted the Mahal Coking coal block with an estimate reserve of 258 million tonnes to RINL, he added.

''The linkages for raw materials security are being explored.'' UNI BKS PKS PM1955