VSP posts record sale of Rs 8,482 cr in 2005-06

Visakhapatnam , Sep 25 (UNI) The Rashtriya Ispat Nigam Ltd, the holding company of Visakhapatnam Steel plant (VSP), has achieved a record sale of Rs 8,482 crore for the year 2005-06 and is poised for improving its performance significantly in the current year.

In a statement here, Chairman and Managing Director of the Plant Y Siva Sagar Rao said the company earned a net profit of Rs 1,252.37 crore in the year 2005-06.

The company had been conferred with 'Miniratna' status this year and Prime Minister Manmohan Singh had laid the foundation stone for the expansion project and also presented the Prime Minister's Trophy for the best integrated steel plant to VSP for the year 2002-03.

In the company's annual general meeting held today, he said the company had embarked on its expansion programme for doubling its capacity from 3 million tonnes to 6.3 million tonnes with an object of not only increasing the scale of operations but also meeting the customers requirements.

He said that best efforts were being put for acquiring the state of the art technology in its expansion areas. The expansion funding largely would be from internal resources.

He said the corporate plan 2020 for the company was under finalisation, aiming to take the capacity of the plant ultimately upto 16 million tonnes by 2020.

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