RINL signs MoU with Ministry of Steel for 2007-08

Visakhapatnam, Mar 28 (UNI) The Rashtriya Ispat Nigam Limited (RINL) today signed a Memorandum of Understanding (MoU) with the Ministry of Steel for 2007-08, according to a Visakhapatnam Steel Plant (VSP) release here.

The MoU envisages five parts, vision, mission and objectives of RINL, exercise of increased autonomy and delegation of financial power, performance evaluations, parameters and targets, commitments and assistance from the Centre and action plan for implementation and monitoring of the MoU.

As per the MoU, the RINL committed to produce 4.10 million tonne of hot metal, 3.62 million tonne of liquid steel and 3.21 million tonne of saleable steel in 2007-08, corresponding to capacity utlisation of 121 per cent each.

The project milestones in respect of expansion of plant capacity, coke over battery-four, pulverised coal injection and air separation plant, involving expenditure of Rs 1,690 crore during 2007-08, have been included in the MoU.

Parameters like marketing distribution network, customer satisfaction index and expenditure on corporate social responsibility had also been incorporated techno-economic parameters like specific energy consumption, specific water consumption, BF productivity, LD converter productivity and labour productivity, which indicated efficiency of operations, had been included in performance evaluation criteria of the MoU.

Union Steel Ministry Secretary R S Pandey and RINL Chairman and Managing Director Y Siva Sagar Rao signed the MoU at New Delhi yesterday, the VSP release added.

UNI