Visakhapatnam Steel to set up plant in Sri Lanka
Sara PATHIRANA
Visakhapatnam Steel Plant, (RINL) an Indian market leader for bar and
rod products in the steel market, is looking at entering the Sri Lankan
steel market. RINL, which is backed by the Government of India, has a
35% market share in bar and rods amongst the main and major producers of
long products in India.
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T. K. Chand, Director(Commercial) RINL
and H. L. Meena, Director, Ministry of Steel during the
event. Picture by Saliya Rupasinghe |
“We will be opening a regional office at the World Trade Centre soon
and then would explore the possibility of having manufacturing
facilities in Sri Lanka with a local partner,” said T. K. Chand,
Director (Commercial) RINL and Chairman of Confederation of Indian
Industry (CII), Vizag Zone, India who is currently on a fact fining
visit to Sri Lanka.
He said that they would look at a new manufacturing either in
Hambantota or Trincomalee so that they can use the harbor network. “Our
roll out plan for Sri Lanka also include re export to the region which
include the Maldives and the Myanmar,” he disclosed.
He said that they are very strong in Tamil Nadu. “We also see a
similar demand for our products in both Tamil Nadu and Sri Lanka.”
During the last financial year, the company has recorded around US$28
billion as against the previous year annual turnover. With expansion of
its product value, its turnover is likely to go up to US$5.5 billion in
a couple of years. The company is also known as a green steel producer
with extensive green steel technology adopted in its operational
processes.
He also said that they had obtained the green light from the
government to launch operations to Sri Lanka. RINL is also considering
participation in the intensive growth of Sri Lanka by introducing its
intensive Rural Dealership Scheme (RDS) that provides business
opportunities to rural entrepreneurs and beneficial employment while
making quality steel available to common people in the countryside. RDS
is a highly successful scheme in India and RINL has developed this
intensive scheme through the Indian Steel Minister, Beni Prasad Verma’s
inspirational call to steel producer’s to make steel available in rural
India and participate in its growth and progress, he said.
Other team members of the delegation, H. L. Meena, Director, Ministry
of Steel, Wilson David, General Manager (Mills), RINL and Desikachar,
Deputy General Manager (Marketing)-Exports, RINL echoed the same views
and told that they were impressed on the business facilities available
in Sri Lanka.
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