The Rashtriya Ispat Nigam Limited - Visakhapatnam Steel Plant achieved a milestone on Friday in its strategic initiative with the laying of foundation stone for transmission line towers (TLT) project, a joint venture between the RINL and Powergrid at an estimated cost of around Rs 330 crores, according to a press release.
RINL Chairman and Managing Direjctor P Madhusudan and R.N Nayak, the CMD of Powergrid, unveiled the plaque to mark the occasion.
Madhusudan said the business scenario in the country was very challenging and initiatives such as this would help in meeting the competition through synergy of the participating companies. He expressed the confidence that the JV would be a great success.
Nayak said it was the first manufacturing unit of Powergrid. He expressed the hope that the project would commence production within a year to realise benefits at the earliest.
P.C. Mohapatra, the Director (Projects), G.B.S Prasad, the Director (Personnel), D.N Rao, the Director (Operations), and senior officials participated in the function.
The RINL-Powergrid TLT private Ltd Company is a 50:50 joint venture. It will come up on steel plant premises. The facilities include TLT Fabrications unit and TLT galvanising unit to produce 1, 20, 000 tonnes per annum of TLTs. The inputs such as angles would be supplied by the steel plant.