SCL, SAIL sign MoU for maiden joint venture in Kerala
The state-owned Steel Complex Limited and the Steel Authority of Limited on Saturday signed a Memorandum of Understanding for starting a joint venture.
By PTI |
KOZHIKODE: The state-owned Steel Complex Limited and the Steel Authority of Limited on Saturday signed a Memorandum of Understanding for starting a joint venture.
The MoU was signed in the presence of Union Steel Minister Ram Vilas Paswan and Chief Minister V S Achuthanandan.
Later,Paswan laid the foundation stone for a rolling mill at the SCL,capable of producing 50,000 tonnes of steel a year.
It is the first time that SAIL is investing in the state which has a huge demand for steel for projects like the Vallarpadam transhipment, Ezhimala Naval Academy and the proposed Vizhinjam Port project.
Director (Personnel), SAIL, G Ojha and Secretary, Investment Promotion, P H Kurian signed the MoU.
SAIL and the state government will have equal share in the joint venture.
The rolling mill at the SCL, which currently produced 2,200 tonnes of steel a month, will raise its capacity to 4,200 tonnes with an additional investment of Rs.200 crore from the joint venture.
SCL, which became a subsidiary of the Kerala State Industrial Development Corporation in 1979, began incurring huge losses and was referred to the Board for Industrial and Financial Reconstruction as a sick unit in 1992.
The MoU was signed in the presence of Union Steel Minister Ram Vilas Paswan and Chief Minister V S Achuthanandan.
Later,Paswan laid the foundation stone for a rolling mill at the SCL,capable of producing 50,000 tonnes of steel a year.
It is the first time that SAIL is investing in the state which has a huge demand for steel for projects like the Vallarpadam transhipment, Ezhimala Naval Academy and the proposed Vizhinjam Port project.
Director (Personnel), SAIL, G Ojha and Secretary, Investment Promotion, P H Kurian signed the MoU.
SAIL and the state government will have equal share in the joint venture.
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The rolling mill at the SCL, which currently produced 2,200 tonnes of steel a month, will raise its capacity to 4,200 tonnes with an additional investment of Rs.200 crore from the joint venture.
SCL, which became a subsidiary of the Kerala State Industrial Development Corporation in 1979, began incurring huge losses and was referred to the Board for Industrial and Financial Reconstruction as a sick unit in 1992.
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