Rashtriya Ispat Nigam Limited Visakhapatnam Steel Plant
Visakhapatnam
Corporate Communications Department Media Release
Date 28.05.2015
RINL and POWERGRID sign Shareholders’ Agreement to form a JV Company for manufacturing Transmission Line Towers
RINL and POWERGRID signed Shareholders’ Agreement on 27th May, 2015 at Gurgoan to form a Joint Venture Company RINL-POWERGRID TLT Limited with 50:50 shareholding. The new JV Company will set up a Transmission Line Tower (TLT) manufacturing unit in Visakhapatnam. The Shareholders’ Agreement was signed by Sri Wilson David, GM(Projects)-Technology-RINL and Sri Akhil Kumar, GM(JV)-POWERGRID in the presence of Sri P Madhusudan, CMD-RINL, Sri R N Nayak, CMD-POWERGRID, Sri P.C. Mohapatra, Director (Projects)-RINL, Sri I.S.Jha, Director (Projects), Sri R.P.Sasmal, Director (Operations) of POWERGRID and other senior officials of both the Companies.
The Transmission Tower Unit with an annual capacity of 1,20,000 tonnes will be set up with an investment of around Rs.330 Crores in the first phase. In the second phase, It is planned to have rolling mills which will enhance the total capacity to 1,80,000 tonnes per annum of transmission line tower parts. The JV will have benefit to procure black angles and semis
from RINL and ready market for the finished products. RINL is expected to supply around 2 lakh tonnes of Angles/ Semis at the completion of the second phase of the project.
MECON, the Consultant has already prepared the Techno Economic Feasibility Report. Land has already been earmarked for the project by RINL.
CMD-RINL assured that the first phase of the project will be implemented as planned and immediately thereafter the second phase of the project shall be taken up. CMD- POWERGRID emphasized the need for quick completion of the project and the implementation of the second phase.
CMD-POWERGRID further mentioned that this JV marks the entry of POWERGRID into manufacturing sector and assured all the support to make the JV successful. In the expanding scenario of Power generation, the project is expected to have a very good market. The shore based location of the unit will help to target export market also and this will give further fillip to the future growth of the JV Company.
Photo Caption: Sri Wilson David, GM(Projects-Technology)-RINL (Left) and Sri Akhil Kumar, GM(JV)-POWERGRID (Right) exchanging the Shareholders’ Agreement after signing in the presence of Sri P Madhusudan, CMD-RINL and Sri R.N.Nayak, CMD-POWERGRID, Sri R.P.Sasmal, Director (Operations)-POWERGRID, Sri P.C.Mohapatra, Director (Projects)-RINL.
BS Satyendra Asst General Manager (CC)
