Union Minister Of Steel Makes Massive Revelations On Vizag Steel Plant!
The Narendra Modi led union government's decision to priviatise the Vizag Steel Plant has resulted in a small size political storm in Andhra Pradesh. Several trade unions have been staging protests against the Centre's decisions over the past few days in Vizag.
Amid growing protests, Union Minister for Steel Dharmendra Pradhan made a massive revelation on the Steel Plant. The Minister said that South Korean steel giant POSCO has signed a Memorandum of understanding(MOU) with Rashtriya Ispat Nigam Ltd (RINL) in October 2019 to set up a steel plant.
The Union Minister made these revelations while taking the question asked by YSRCP Parliamentary Party leader, Rajya Sabha member V Vijayasai Reddy in the upper house.
The Minister said the MoU was signed in 2019 to set up a steel plant in Vizag. The MoU between the South Korean iron manufacturing company POSCO and Rashtriya Ispat Nigam Limited in Visakhapatnam is estimated at Rs 30,000, he said.
âA non-binding MoU was signed in October, 2019 between RINL and POSCO. Subsequently, a Joint Working Group (JWG) has been formed for exchange of information. The shareholding pattern has not been determined at this stage,â the Union Minister replied to Reddy's question.
Going by the information revealed by the Minister, Ambassador of South Korea, members of POSCO and Hyundai took part in a meeting chaired by the Ministry of steel in 2018. The representatives of RINL and NMDC were also present at the meeting.
After the meeting, POSCO officials have visited the RINL plant three times. Twice in 2019 and once in 2020, the officials visited RINL.
The Union Minister's reply says that the South Korean iron giant might take over the RINL in collaboration with Korean car manufacturer Hyundai. The G.O might give more information on the steel plant.
The RINL marks the second bid of POSCO to set up a steel plant in the country. Back in 2015, the company signed an MoU with the Odisha government. With the approvals from the pollution control board getting delayed, the company abandoned the MoU.
Amid growing protests, Union Minister for Steel Dharmendra Pradhan made a massive revelation on the Steel Plant. The Minister said that South Korean steel giant POSCO has signed a Memorandum of understanding(MOU) with Rashtriya Ispat Nigam Ltd (RINL) in October 2019 to set up a steel plant.
The Union Minister made these revelations while taking the question asked by YSRCP Parliamentary Party leader, Rajya Sabha member V Vijayasai Reddy in the upper house.
The Minister said the MoU was signed in 2019 to set up a steel plant in Vizag. The MoU between the South Korean iron manufacturing company POSCO and Rashtriya Ispat Nigam Limited in Visakhapatnam is estimated at Rs 30,000, he said.
âA non-binding MoU was signed in October, 2019 between RINL and POSCO. Subsequently, a Joint Working Group (JWG) has been formed for exchange of information. The shareholding pattern has not been determined at this stage,â the Union Minister replied to Reddy's question.
Going by the information revealed by the Minister, Ambassador of South Korea, members of POSCO and Hyundai took part in a meeting chaired by the Ministry of steel in 2018. The representatives of RINL and NMDC were also present at the meeting.
After the meeting, POSCO officials have visited the RINL plant three times. Twice in 2019 and once in 2020, the officials visited RINL.
The Union Minister's reply says that the South Korean iron giant might take over the RINL in collaboration with Korean car manufacturer Hyundai. The G.O might give more information on the steel plant.
The RINL marks the second bid of POSCO to set up a steel plant in the country. Back in 2015, the company signed an MoU with the Odisha government. With the approvals from the pollution control board getting delayed, the company abandoned the MoU.