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VISAKHAPATNAM: Rashtriya Ispat Nigam Ltd has wiped out accumulated losses and is looking forward to a bright future, as the expansion plan has been approved by the Union Government, according to Mr Y. Sivasagara Rao, CMD.

Mr Rao said on Thursday that the expansion, at a cost of more than Rs 8,000 crore, would be completed in three years, a challenging task. He said there would be no problem on the raw material front, as a coking coal block in the Dhanbad district of Bihar had been reserved for the plant. "The plant is operating at 120 per cent of its rated capacity. The present capacity, 3.2 million tonnes, will be doubled after expansion," he said.

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