Visakhapatnam: Rashtriya Ispat Nigam Limited (RINL), holding company of the Visakhapatnam Steel Plant (VSP) entered into an MoU with Power Grid Corporation of India to set up an electrical steel production facility as a joint venture.
VSP chairman and managing director AP Choudhary, and Power Grid chairman and managing director RN Nayak signed the agreement.
The facility, to be set up at Visakhapatnam, envisages production of silicon steel, Cold Rolled Grain Oriented Electrical (CRGO) Steel and Cold Rolled Non-Grain Oriented Steel (CRNGO) Steel by setting up a new hot strip mill, a release said.
Incidentally, India has been meeting its entire requirement of electrical steel and CRGO steel through imports.
Recently, RINL had floated global expression of interest for potential technology suppliers and also held detailed technical deliberations with them along with Power Grid Corporation officials, the release said.
Earlier, RINL and Power Grid had signed an MoU in December 2011 to set up a joint venture company to manufacture transmission line towers and also undertake research and development of new high-end products.
more in Business