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Wednesday, 05 December 2012

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Visakhapatnam Steel to set up plant in Sri Lanka

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.

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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