Tuesday, August 4, 2015

Boost for Make in India: SAIL to forge SPV for local production

GIVING a boost to Modi’s pet project Make in India, the ministry of steel is facilitating development of greenfield steel projects by setting up special Purpose Vehicles (SPVs) in Joint Ventures between PSUs of the ministry and State PSUs.
An MoU for setting up of steel SPVs in Chhattisgarh was signed in May by the ministry of steel, Government of India, SAIL and NMDC Ltd. with Chhattisgarh State Government.
But the formation of joint venture industries is a commercial decision and new...
joint ventures industries are started by Steel Authority of India Limited (SAIL) with nod from its board in accordance with Department of Public Enterprises (DPE) guidelines in this regard.
An MoU was signed between SAIL, Kerala State Industrial Development Corporation Limited (KSIDC) and Kerala Minerals and Metals Limited (KMML) in 2013 for jointly exploring possibilities of setting up a Titanium Sponge and Metal Complex at Chavara, Kollam in Kerala.
The minister of state in the Ministry of Steel and Mines Vishnu Deo Sai provided this information in reply to a question in Lok Sabha on August 3.
In a related development, Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, and NTPC have decided in-principle to form a joint venture to set up a Greenfield coal-fired power plant.
“The discussions are in progress. We are yet to work out nitty-gritty of our understanding though both the companies are in agreement that it is mutually beneficial,” RINL CMD P Madhusudan was quoted as telling The Hindu.
RINL is keen on establishing below 1,000 MW plant with supercritical technology on its premises at Ukkunagaram by allotting around 400 acres to meet its future power requirement. RINL, a Navratna company, owns 25,000 acres.
NTPC, which has 2,000 MW Simhadri Super Thermal Power Plant at Parawada, near VSP and is establishing 4,000 MW plant with an investment of Rs.24,000 crore at Pudimadaka is looking for suitable land to expand the capacity of Simhadri.
RINL presently has the capacity to generate 354 MW and with the expansion and upgradation of existing units, the captive power generation will reach to 523 MW. RINL requires 486 MVA of power for expansion of 6.3 million tonne capacity.

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