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Team to visit South Korea to follow up on Hyundai steel project with RINL

Steel News - Published on Mon, 21 Jan 2019

Image Source: SteelGuru
The Hindu reported that a high-level team from India is likely to be deputed to South Korea shortly by the Union Ministry of Steel to explore the feasibility of the establishment of a greenfield steel plant on the premises of the Visakhapatnam Steel Plant by Hyundai. Sources said that a team of Hyundai officials and the Ambassador of South Korea visited the VSP on October 23 last year on an invitation of the Prime Minister’s Office

The Hyundai team had sought 3,000 acres of surplus land, now at the disposal of the VSP. The land if given for the project will become the equity share of the RINL in the proposed joint venture. Sources said Hyundai had evinced interest to set up a three million tonne special grade steel plant to meet the requirement of its automobile products with an investment of INR 30,000 crore.

Rashtriya Ispat Nigam Limited (RINL), which owns 20,000 acres at Ukkunagaram, has also shown interest to enter into a joint venture with the Hyundai if the project gets the nod from the two countries.

Source :

Posted By : Ratan Singh on Mon, 21 Jan 2019
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