Siemens bags Rs 271 crore order from Rashtriya Ispat Nigam

Vizag steel plant's modernisation is a part of the expansion project which is intended to boost annual pig iron production to 7.3 million tonnes.

By Rachita Prasad, ET Bureau | Updated: Sep 30, 2013, 01.03 PM IST

MUMBAI: Siemens has bagged a Rs 271 crore job from Rashtriya Ispat Nigam, the company informed the bourses Monday.

Siemens, and its German parent Siemens AG together bagged an order to modernise a blast furnace at Rashtriya Ispat Nigam’s steel plant at Vishakhapatnam. The share of the order value for Siemens is Rs 271 crore, the company said.

The order entails modernisation of the unit that will increase the volume of the furnace and increase production to 2.5 million ton per annum from 1.7 million ton per annum now.

Siemens AG holds 75% stake in its Indian subsidiary. Siemens AG owns 13 arms, including Siemens Ltd, with a total business volume of Rs 12,000 crore.

It operates in industry, infrastructure, energy and healthcare sectors in India. At 12:55IST, shares of Siemens were trading at Rs 476.50 on the Bombay Stock Exchange, down 0.7%.

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