Rashtriya Ispat Nigam Ltd signs pact with PowerGrid to set up joint venture

VISAKHAPATNAM: Rashtriya Ispat Nigam Ltd (RINL), holding company of Visakhapatnam Steel Plant (VSP), and PowerGrid Corp today signed a memorandum of understanding (MOU) to set up a joint venture company.

The new company will manufacture transmission line towers and their parts, and also undertake research and development of high-end products, VSP said in a release here.

The MoU was signed in New Delhi by Chairman and Managing Director of VSP A P Choudhary and CMD of PowerGrid R N Nayak, it said.

The JV will bring synergy between the producer (RINL) and user (PowerGrid). The issue of import of quality tower transmission lines will be addressed with this JV, it said.

"The JV will have a unique opportunity to tap the market in South East Asia and other areas where such development was taking place in power sector," the release added.