Financial Daily from THE HINDU group of publications
Saturday, May 13, 2006
Financial Daily from THE HINDU group of publications Saturday, May 13, 2006 |
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Corporate
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New Projects Industry & Economy - Steel Manmohan to lay stone for VSP project Our Bureau
Visakhapatnam , May 12 The Prime Minister, Dr Manmohan Singh, is scheduled to visit Vizag and lay the foundation stone for the Rs 8,692-crore expansion project of Visakhapatnam Steel Plant on May 20. The expansion project envisages doubling the capacity of the plant from the present three million tonnes to six million tonnes. Additional units such as a blast furnace, coke oven, sinter plant, steel melt shop, seamless tube mill, and rolling mill will be set up under the expansion project. Clearance has been obtained and the work has begun on the expansion project. He will also present the Prime Minister's Trophy to VSP as it was adjudged the best integrated steel plant in the country for 2002-03, according to sources. The steel plant emerged as a debt-free company last year and it has wiped out all the accumulated losses. The VSP also has cash reserves of over Rs 5,000 crores at present. The Chairman and Managing Director, Mr Y. Siva Sagar Rao, has said there will be no problem in mobilising the requisite funds for the expansion project and the first phase is to be completed in three years.
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