Hyundai to partner with RINL to set up steel plant

Automobile major Hyundai is planning to forge a partnership with Rashtriya Ispat Nigam Ltd (RINL) to explore the possibility of setting up a steel plant.

Top officials from Hyundai group visited the Vishakapatnam Steel Plant of the public sector steel major in October. They were led by the South Korean ambassador.

RINL Chairman and Managing Director P K Rath said these are government-to-government talks. According to a Business Standard report, RINL has surplus land of 3,000 acres. The total land available with RINL is 20,000 acres, which includes the township area.

It quoted Rath as saying that it was a preliminary visit and the team would give their feedback to the ministry. “However, if the project materialised then it was likely to be focused on flat steel with a special emphasis on auto-grade steel. RINL is a long product manufacturer. The size of the plant could be 3 million tonnes. For RINL, the land would be its main equity.”

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