The year ahead is going to be the most important, as many of the units in the expansion project will be completed, according to Mr P.K Bishnoi, Chairman and Managing Director of the Visakhapatnam Steel Plant.
Addressing VSP employees on the occasion of the Republic Day, he called upon the RINL collective to focus on innovative strategies to generate surpluses to meet the growth for the company.
This was essential in the backdrop of steep hike of raw material prices.
Expansion plans
He said the current year was going to be the most significant year for the company as most of the expansion units would go on stream.
Some of the modernisation plans would also fall in place and therefore “the task ahead is uphill, demanding our utmost commitment and dedication.”
Raw material concerns
Mr Bishnoi said the management's efforts at achieving raw material security had resulted in the acquiring of 51 per cent stake in Eastern India Investments Ltd, “which is a step in the right direction.”
Similarly, efforts were also on for strategic tie-up with the Neelachal Ispat Nigam Ltd, Orissa.
He announced that nine new applications for iron ore mining leases had been made and five mining lease applications had been renewed.
Joint Venture plans
“We were conferred with Navratna status which will play a vital role in our decision- making and enable us to take our growth plans forward quickly,” Mr Bishnoi said.
He said the management was actively pursuing joint ventures with PSUs and Government companies with the twin objectives of enhancing raw material sourcing and geographically spreading wings.
The MoU signed with the Railways for setting up of axle plant in West Bengal was one such endeavour.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.