State-owned steel maker RINL and power equipment manufacturer BHEL will soon sign an agreement to form a joint venture for putting up a high-end seamless tube mill at Vizag, entailing over Rs 2,000 crore investment.
"The proposal has already been discussed in the Board and will be considered in the next meeting. Hopefully, the joint venture agreement will be shortly signed," Rashtriya Ispat Nigam Chairman and Managing Director A P Choudhary told media.
The shareholding pattern of the joint venture is yet to be finalised, he said, but added that since the mill would be located inside RINL's Vizag facility, RINL would have a majority stake in the venture.
"The mill will have four lakh tonnes per annum seamless tube installed production capacity. Total investment here will be over Rs 2,000 crore," Choudhary said.
More at:
http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/engineering/rinl-bhel-to-set-up-seamless-tube-mill-at-vizag-for-rs-2k-crore/articleshow/10654384.cms
Tuesday, November 8, 2011
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