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RINL capacity to be raised to 7.3 mt

Special Correspondent
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RINL CMD A.P. Choudhary chairing the Annual General Meeting of the company in Visakhapatnam on Saturday.
RINL CMD A.P. Choudhary chairing the Annual General Meeting of the company in Visakhapatnam on Saturday.

Rashtriya Ispat Nigam Limited Chairman-cum-Managing Director A.P. Choudhary on Saturday said the company would increase its capacity to 7.3 million tonnes progressively in the next 18 to 20 months.

Presiding over the 31{+s}{+t}Annual General Meeting of the Navratna company here, he appreciated the performance for 2012-13 and referred to long awaited expansion. He said the 6.3 million tonne expansion taken up at a cost of Rs.12,500 crore was poised to yield results by end of the financial year.

Adverse effects

He said that the company was moving ahead in capacity building. He said the company registered a profit after tax (PAT) of Rs. 353 crore for 2012-13 with turnover of Rs.13,553 crore. “Input costs, especially basic raw materials like iron ore and ferroalloys, also affected adversely bottomline growth. Further, the depreciation in rupee against dollar impacted adversely as compared to previous year,” he stated. Mr. Choudhary said the turnover of the company in the present economic conditions was a tough task indeed and the initiatives taken by the company facilitated in achieving this level. He also mentioned about the initiatives taken like signing of MoU with NMDC for laying of slurry pipeline from Nagarnar to Vizag and setting up of pellet plant here, agreements with MECON and Indian Railways for setting up forged wheel plant at Rae Bareli (UP).

He said India had increasingly become an important part of the international steel market and a key growth area for steel production, based on factors including its strong demand for steel arising from strong economic growth, low per capita steel consumption and abundant iron ore reserves. Director representing Government of India on behalf of President H.L. Meena attended along with Chairman of Audit Committee Ashok Kumar Jain, Company Secretary P.N.Rao, statutory auditors B.V. Rao and B.A.S.P.Ranga. RINL Directors Umesh Chandra (Operations), P. Madhusudan (Finance), T.K. Chand (Commercial), who were the other shareholders and functional Directors Y.R. Reddy (Personnel) and N.S. Rao attended.


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