Public Sector Rashtriya Ispat Nigam signs MoU with the Government, targets turnover of Rs.9136 crore

The Rashtriya Ispat Nigam Limited today signed a memorandum of Understanding (MOU) with the government envisaging a turnover of Rs.9136 Crore during 2007 - 08 as against the likely turnover of Rs.8749 Crore this year, recording a rise of over 4.4 percent. It targets to produce 4.1 million tonnes of hot metal and 3.21 million metric tonnes of saleable steel during 2007-08, at 121 percent capacity utilisation. The MOU was signed by the Chairman of RINL, Shri Y.S.S. Rao and the Secretary Ministry of Steel, Shri R.S.Pandey in New Delhi today.

The Vishakhapatnam based integrated steel plant, which has been earning profit since 2002-03, is expected to surpass the gross margin of Rs. 2112 Crore during the current year. The company was accorded the Mini Ratna status last year. It is presently implementing an expansion plan to increase its liquid steel capacity to 6.3 mt. per annum at an estimated cost of Rs. 8692 Crore. Financed largely by its own resources and partly from borrowings from financial institutions the expansion plan is expected to be completed by 2008 - 09.

Source : Press Information Bureau

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