The Hindu : Business : RINL profit at Rs. 1,363 crore

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Tuesday, Sep 04, 2007
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RINL profit at Rs. 1,363 crore

Special Correspondent

To double capacity to 6.3 m tonnes

Internal resources, debt to fund expansion
Explores linkages for raw materials

VISAKHAPATNAM: Rashtriya Ispat Nigam Ltd. (RINL), the holding company of Visakhapatnam Steel Plant, earned a net profit of Rs. 1,363 crore for 2006-07.

This was informed by the Chairman-cum-Managing Director, P. K. Bishnoi, at the 25th annual meeting of the company held here on Monday. He said the company had embarked on an expansion programme for doubling its capacity from three million tonnes to 6.3 million tonnes with the objective of not only increasing the scale of operations but also meeting the customers’ requirements. Ordering for plant and equipment of major packages was already completed. Efforts were on for acquiring state-of-the-art technology in expansion areas and linkages for raw materials security were being explored, he said.

He said that the funding for the expansion would be from internal resources and debt. The Corporate Plan 2020 for the company had been finalised aiming to take the capacity of the plant ultimately to 16 million tonnes.

Last year was a milestone in RINL history for achieving a record sales of Rs. 9,151 crore. This year in April-August, it achieved a record sales of Rs. 3,431 crore which was seven per cent more than last year.

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