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Our Bureau

Visakhapatnam, Sept. 25

Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) expects achieve a record sales turnover of Rs 8,482 crore and net profit of Rs 1,252.37 crore during 2005-2006. This was stated by Mr Y. Sivasagara Rao, Chairman and Managing Director, on Monday at the annual general meeting of the company. He said the company had been conferred the Mini Ratna status during the year. The Prime Minister had visited the plant during May and launched the expansion project taken up at a cost of Rs 8,600 crore to double the capacity from three million tonnes to 6.3 million tonnes. The Prime Minister's trophy for the Best Steel Plant (2002-2003) was also presented during the visit.

He said the funding for the expansion would be largely from internal accruals. Efforts were being made to acquire the state-of-the-art technology in undertaking the expansion. Efforts were also on to acquire captive mines for assured raw material supply. Mr T.V.A. Ram, Under Secretary, the Union Ministry of Steel, represented the Union Government at the AGM.

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